The Nigeria National Petroleum Corporation, NNPC said it had signed a crude-for-product swap deal with oil major BP.

BP plc is a British multinational oil and gas company headquartered in London, England. It is one of the world's seven oil and gas "supermajors".

In a brief statement on Twitter late on Wednesday, NNPC said more details would be provided later.

Also Read: There Is No Plan To Review Price Of Petrol - NNPC

NNPC imports about 70% of Nigeria’s fuel needs, mainly gasoline, through crude-for-product swap deals.

NNPC also has contracts, known as Direct Sale Direct Purchase, with 10 consortiums that include trading houses Vitol, Trafigura, Mercuria and oil major Total.

NNPC extended the existing contracts to June 2019 but several trading sources in the consortiums said they had requested new price terms, according to a report by Reuters.

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