Africa’s top oil producer, which imports most of its required fuel, suffers from hard currency shortages due to a slump in vital oil revenues. For weeks, motorists have been queuing at petrol stations.
“For the first time in this country I have been able to convince the upstream companies to provide some FX buffer over the next one year for those who are bringing in products,” Ibe Kachikwu, Minister of State for Petroleum Resources said in a video posted on his Facebook website.
The agreement included Total and Shell which would work with local fuel importer Conoil and ENI co-operating with Oando, he said.
“I had to box my way through the CBN (central bank) to get a bit of (foreign exchange) allocation,” he said, blaming the fuel shortages also on a surge in pipeline attacks interrupting crude flows to refineries.
Last month, Kachikwu said Africa’s top oil producer was in talks with Chevron , Total and ENI to get help revamping its ailing refineries.
Kachikwu also said in the video that crude flows had been resumed to the Port Harcourt, Warri and Kaduna refineries.
President Muhammadu Buhari fired the NNPC board and appointed Kachikwu last year to overhaul the company, whose opaque structures have allowed corruption and oil theft to flourish.