The Nigerian National Petroleum Company Limited (NNPC Ltd) has said that it secured a $1 billion loan backed by crude oil to support the establishment of the 650,000 barrels per day capacity Dangote Petroleum Refinery.
According to Mr. Olufemi Soneye, Chief Corporate Communications Officer of NNPC Ltd., at the Energy Relations Stakeholders Engagement in Abuja on Monday, the loan was instrumental in supporting the refinery during liquidity challenges.
In addition to the $1 billion loan, NNPC Ltd also facilitated a $3 billion Gazelle loan as a critical intervention to help stabilize the federation’s foreign exchange crisis.
The oil company spokesperson stated that these initiatives are a testament to NNPC Ltd’s dedication to driving national development partnerships.
He attributed the company’s achievements to the leadership of Mr. Mele Kyari, under whose vision NNPC Ltd has achieved groundbreaking milestones, redefining the trajectory of Nigeria’s oil and gas sector.
Soneye also highlighted the restart of the Port Harcourt Refining Company as a significant turning point in Nigeria’s quest for energy self-sufficiency.
He reaffirmed the company’s commitment to revitalizing the nation’s refining capacity and promoting the adoption of Compressed Natural Gas as an alternative energy source.
Soneye also noted that NNPC Ltd declared a profit for the first time in decades, exceeding its profit projections for 2024.
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