Nigeria owes up to $3 billion to supermajors and trading giants for the fuel-for-crude swaps via which Africa’s biggest oil producer has been importing fuel to meet domestic demand, Reuters reported on Friday, citing executives and traders. Despite being the largest crude oil producer in Africa, Nigeria lacks enough refining capacity to meet all its domestic fuel demand. So the country has relied for years on the so-called Direct Purchase Direct Sale (DSDP) under which it imports fuels in exchange for crude cargoes to major trading…
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