Home BUSINESS Crude Oil: FG Saves $1bn Through Direct Sale

Crude Oil: FG Saves $1bn Through Direct Sale

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Minister of State for Petroleum Resources, Ibe Kachikwu, has confirmed huge benefit accruing to the country following the replacement of the offshore processing arrangement, OPA and crude oil swap with the Direct Purchase of Petroleum Products, DSDP.

Ibe Kachikwu, Minister of State for Petroleum Resources

According to the minister, the country saved a sum of one billion dollars, approximately 360 billion naira for the introduction of the new method of trading crude oil for refined products known as DSDP between 2015 and 2016.

The Minister announced this in the ministry’s monthly publication, Petroleum Periscope Newsletter, which focused on the performance of the nation’s petroleum downstream sector.

Speaking in a podcast published in the online newsletter of the ministry, Kachikwu described the transition as a successful initiative which has reduced the challenges posed by the swap model.

He expressed confidence that the current administration will do all it can to ensure the availability of petroleum products throughout the country with the implementation of the DSDP programme as measures are being put in place to perfect the working of local refineries.

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