Nigeria extends crude-for-product swaps until June 2019 – sources


Nigeria’s state oil firm NNPC has extended its crude-for-product swap contracts, the country’s main avenue to meet the bulk of its fuel needs, until June 2019, sources familiar with the matter said.

Despite having a refining capacity of about 445,000 barrels per day, its plants have been underperforming for years, making Africa’s biggest oil producer almost wholly dependent on imports to meet its domestic gasoline and diesel needs. (Reporting by Julia Payne; Additional reporting by Alexis Akwagyiram in Lagos; Editing by Adrian Croft)