HighlightOil & Gas

NNPCL Clarifies Naira Crude Contract, Reaffirms Commitment to Domestic Refining

1.9k
Advertisement




The Nigerian National Petroleum Company Limited (NNPCL) has strongly denied reports that it has terminated its Naira-for-Crude oil supply agreement with Dangote Refinery.

According to NNPCL, the partnership remains intact, with the company having consistently delivered a total of 84 million barrels of crude oil to the refinery since its commencement of operations in 2023.

In a statement on Monday, the NNPCL Chief Corporate Communications Officer, Mr. Olufemi Soneye, said discussions for the renewal of the agreement are currently ongoing, with the aim of establishing a new contract.

Soneye also stated that under the deal initiated in October 2024, the 650,000-capacity refinery has received 48 million barrels to refine petroleum products.

The statement titled, “Clarification on the Naira Crude Contract Between NNPC Limited and Dangote Refinery”, explained that the agreement for the sale of crude oil in naira was structured as a six-month contract and is set to expire at the end of March 2025.

The statement reads: “NNPC Limited has noted recent reports circulating on social media regarding the alleged unilateral termination of the crude oil sales agreement in Naira between NNPC and Dangote Refinery.

“To clarify, the contract for the sale of crude oil in Naira was structured as a six-month agreement, subject to availability, and expires at the end of March 2025.

“Discussions are currently ongoing towards emplacing a new contract. Under this arrangement, NNPC has made over 48 million barrels of crude oil available to Dangote Refinery since October 2024.”

Soneye added:“In aggregate, NNPC has made over 84 million barrels of crude oil available to the refinery since
its commencement of operations in 2023. NNPC Limited remains committed to supplying crude oil for local refining based on mutually agreed terms and conditions.”

See also  Dangote’s $2bn 900,000 metric tonnes per annum capacity petrochemical plant in Lagos to produce 77 grades of Polypropylene -- Official

Author

Leave a comment

Related Articles

NiMet to Journalists: Report Weather and Climate News Accurately

By Omoyeni Ojeifo The Nigerian Meteorological Agency (NiMet) has urged media professionals...

Two Mexicans, Four Nigerians Arraigned in Oyo Over Alleged Methamphetamine Manufacturing

By Omoyeni Ojeifo Two Mexican nationals and four Nigerian collaborators accused of...

Power Minister Tegbe, FGN Power MD Anuwe, To Lead Talks on Nigeria’s 1trillion Naira Economy, Power Supply

By Joycelyn Ellakeche Adah Minister of Power Joseph Tegbe, and the Managing...

Situation Room Slams Sky-High Billboard Costs Ahead of 2027 Polls

By Omoyeni Ojeifo The Nigeria Civil Society Situation Room has faulted presidential...