Domestic firms vie for Petrobras Nigeria assets

摘要

Petrobras' assets in Nigeria look set to be snapped up by domestic firms potentially backed by oil traders Glencore and Vitol. Glencore is said to be backing Seplat in bidding for the assets while Vitol is considering several bidders in the process. The traders are offering the local bidders up to US $2 Bn in financial backing that would otherwise be hard to secure directly through international banks. The traders get access to high-quality crude oil and then syndicate out the debt to banks themselves.