AITEO, one of the oil traders involved in the controversial crude swap contracts, said it is bringing its business relationship with Duke Oil, the trading subsidiary of the Nigerian National Petroleum Corporation, NNPC to a close.

In a statement made available to Vanguard, AITEO said: “The Board of AITEO has taken the decision to wind down this Duke Oil SWAP and OPA contract promptly and bring its business relationship with Duke Oil to a closure.”

The company also said that in fulfilment of its outstanding obligation on the Duke Oil Swap and contracts, the company had decided to nominate two cargo deliveries to fully liquidate any outstanding deliveries due to PPMC.

According to the company: “Should there still exist a deficit after reconciling positions, where there is an over delivery, PPMC will issue a credit note in favour of AITEO and if AITEO should have any outstanding this will either be deducted from on-going cash calls due AITEO from AITEO/NNPC joint venture or an outright remittance as the case may be.