Energy Oil

NNPCL denies ending naira-for-crude deal with Dangote refinery

Photo caption: NNPC Ltd and Dangote Refinery

 

The Nigerian National Petroleum Company Limited has strongly refuted claims alleging the termination of the Naira-for-Crude agreement with Dangote Refinery.

NNPCL emphasised that it has consistently supplied the refinery with a total of 84 million barrels of crude oil since the refinery began its operations in 2023.

In a statement on Monday, the NNPCL Chief Corporate Communications Officer, Olufemi Soneye, stated that 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 read, “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.

“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.”

 

 

 

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