NNPC Settles Mobil Debt - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Publisher (F.BA)
July 4, 2019
The Nigerian National Petroleum Corporation, NNPCsays it has fully settled the total amount owed to Mobil Producing Nigeria MPNwith a payment of 833.57 million dollars cash call arreas.
The corporation said this in a statement signed byits spokesman NDU Ughamadu, in Abuja.
He said that the corporation was able to achievethis barely two years after it signed a Cash-call Repayment Agreement with itsJoint Venture partners to defray cash-call arrears within a period of fiveyears.
According to him, the Group Managing Director ofNNPC, Maikanti Baru said this at a commemorative close-out ceremony to mark theconclusion of NNPC/MPN Cash Call Repayment Agreement.
He quoted Baru as saying that the feat was a productof determination and hard work.
Baru noted that NNPC management came up with thenovel cash-call exit strategy to boost investors’ confidence and grow thenation’s oil and gas industry.