Our source has exclusively obtained a letter from the Acting Chairman of the National Oil Corporation regarding the suspension of the swap mechanism, effective March 1, 2025.
The letter calls for taking the necessary measures to schedule shipments of crude oil, condensates, petroleum products, and other derivatives, as well as purchasing fuel through a public tendering process as the primary means of contracting. Priority should be given to dealing directly with refineries instead of intermediary companies whenever possible, in line with the required transparency standards.
Additionally, the Chairman requested updates on the implemented procedures, ensuring that this transition occurs upon the legal expiration of current contracts without imposing any legal liabilities on the corporation.
