Saudi $5 Billion Loan to Nigeria Hangs in the Balance After Crude Prices Plunge ...Middle East

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Saudi $5 Billion Loan to Nigeria Hangs in the Balance After Crude Prices Plunge
source : OILPRICE ( Middle East ) () 30
Falling oil prices have made negotiations between Aramco and Nigeria’s government more difficult over a record $5-billion loan backed by oil, which Saudi Arabia’s state oil giant has agreed to extend to Africa’s largest oil producer, sources told Reuters on Tuesday. Nigeria is using at least 300,000 barrels per day (bpd) to repay other oil-backed loans that its national oil firm NNPC has taken. A $5 billion oil-backed loan would be Nigeria’s largest such loan, as well as the biggest participation of Saudi Arabia in the African…

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