Nigeria Countertrades with Italy 

Nigeria has signed a $358mn countertrade agreement with Italy under which it will exchange an estimated 40,000 b/d of crude oil for car kits and chemical products to be sup- plied by Fiat and ENI. Similar deals have recently been signed with France (MEES, 6 May), Austria (MEES, 13 May) and Brazil. and reports estimate the volume of Nigerian oil now moving under countertrade agreements at upwards of 160,000 b/d.