Nigeria Signed Pact To Import Refined Oil Under Buhari's Regime (NY Times 1984)

Did you know that under Buhari's administration, Nigeria signed a pact to export unrefined crude oil to other countries and then import the finished products afterwards?



This 1984 news article from The New York Times lays it bare!

Brazil Wins Nigeria Pact

AP

Published: March 14, 1984



RIO DE JANEIRO, March 13—Brazil has won an international bidding contest to refine Nigerian oil this year, the state oil company, Petrobras, announced today.

The $1.2 billion agreement calls for Brazil to import Nigerian crude and return refined gasoline, jet fuel and diesel oil to Nigeria , a Petrobras spokesman said. He added that the accord would allow Brazil to reduce its idle refining capacity and earn a margin of profit.

Brazil imports about two-thirds of the one million barrels of oil it consumes daily, mostly from the Middle East. It buys 10,000 barrels daily from Nigeria.

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