Nigerian state oil firm NNPC has obtained a $1.5 billion syndicated loan to help
it pay debts to international fuel traders, a senior banking source with knowledge of the deal
said on Monday.
The deal struck at the end of last year is seen as crucial to easing the
burden on big commodity traders, who were facing the
prospect of painful multi-million dollar write-offs, oil trading sources told
The loan, provided by several Nigerian and international banks and brokered by Standard Chartered,
will be paid back over five and half years. The NNPC has put up 15,000 barrels
per day of its oil production as collateral, the source said.
Standard Chartered and the NNPC declined requests for official comment.