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Oil trading giants Vitol, Matrix to hand Nigeria $1.5bn in advance payment for its oil

Nigeria’s state oil firm NNPC has signed a $1.5 billion prepayment deal led by Standard Chartered and backed by oil traders Vitol Group and Matrix Energy, two sources close to the matter said, the first such agreement since the coronavirus pandemic upended the finances of Africa’s largest economy. According to Reuters, the deal provides OPEC-member…

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