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MRS provided $300m to NNPC for Chevron assets – Report

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MRS-Oil-Nigeria-PlcOne of Nigeria’s wealthiest families funded the Nigerian National Petroleum Company’s purchase of oil blocks from Chevron Corp., offering an insight into how the firm could back its ambitious expansion plans.

Bloomberg ac on Monday that a subsidiary of MRS Holdings Ltd provided NNPC $300m to buy two shallow-water licenses divested by Chevron.

The transaction was completed in May and the financing was secured against crude from producing fields within NNPC’s portfolio, it said.

The forward sale agreement was concluded between NNPC and Bahamas-registered Bestaf Funding Ltd, according to the financial statements and an emailed response from NNPC Chief Financial Officer, Umar Ajiya.

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