Mele Kyari, group chief executive officer of Nigerian National Petroleum Company Limited, says talks are ongoing for a new oil-backed loan to finance operations and allow investment in its business.
In a report by Reuters on Tuesday, Kyari said NNPC wants a loan against 30,000-35,000 barrels per day of crude production but declined to say how much money it sought. He said the cash raised would be used for all of NNPC’s business activities, including supporting production growth. “We have no problem covering our gasoline payments. This is just money for normal business and not a desperate act,” Kyari said.“It will be a syndication with critical but regular partners who have been in business with our company to forward the cash.”According to the report, two sources familiar with the situation told Reuters that NNPC aims to raise at least $2 billion.