The Nigerian National Petroleum Corporation (NNPC) says it has adopted strategies to ensure operational profitability through the renegotiation of all existing contracts.
A statement issued by the corporation disclosed that the contract renegotiation has in gains of between 5% and 30% discounts so far.
The Group Managing Director of NNPC, Dr. Maikanti Baru, expressed delight in the completion of negotiations with NNPC joint venture partners towards the resolution of cash call funding challenges through payments of arrears owed the partners.
Dr. Baru explained that the feat was achieved by developing a clear payment plan as well as the pursuit of an alternative funding strategy.
He noted that arrears of up to December 2015 have been fully reconciled, with repayments plan also agreed upon.
