The Nigerian National Petroleum Corporation, NNPC says it has fully settled the total amount owed to Mobil Producing Nigeria MPN with a payment of 833.57 million dollars cash call arreas.
The corporation said this in a statement signed by its spokesman NDU Ughamadu, in Abuja.
He said that the corporation was able to achieve this barely two years after it signed a Cash-call Repayment Agreement with its Joint Venture partners to defray cash-call arrears within a period of five years.
According to him, the Group Managing Director of NNPC, Maikanti Baru said this at a commemorative close-out ceremony to mark the conclusion of NNPC/MPN Cash Call Repayment Agreement.
He quoted Baru as saying that the feat was a product of determination and hard work.
Baru noted that NNPC management came up with the novel cash-call exit strategy to boost investors’ confidence and grow the nation’s oil and gas industry.