Crude-for-fuel deal stays till 2023 — NNPC

The Nigerian National Petroleum Corporation has said the crude-for-fuel swap deal by the country will continue until 2023.
This was revealed on Monday by the Group Managing Director of the NNPC, Male Kyari.
Kyari said this was because the country’s refineries are not functional, adding that the deal will persist until the refineries are fixed in 2023.
The latest round of the swap deal, known as Direct Sale, Direct Purchase (DSDP), will run until September next year and then be extended.
Kyari said: “The DSDP is a child of necessity and not a permanent arrangement.
“So anytime we are able to meet our domestic petroleum products requirement, of course DSDP goes away.”
The NNPC began the swap deal more than six years ago as a stop-gap to curb petrol shortages as it tried to revamp the refineries.
For this year, NNPC is looking for 14 billion litres (or 14 cargoes monthly).
Kyari said: “What we are doing is to see how can we get our refineries back on course and how do we support others to increase local refining capacity.
“Ultimately, by 2023 we should be a net exporter of petroleum products, assuming we’re able to get Dangote refinery at full capacity and we’re able to fix our refineries.”