10
Mar
Mar
NNPC CLARIFIES NAIRA CRUDE CONTRACT WITH DANGOTE REFINERY
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CapitalTimesNews / 4 hours
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The Nigerian National Petroleum Company (NNPC) Limited has clarified recent reports regarding the alleged unilateral termination of the crude oil sales agreement in Naira between NNPC and Dangote Refinery. In a statement, Chief Corporate Communications Officer Olufemi Soneye explained that 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,” Soneye said. Soneye noted that under the 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. Soneye emphasized that NNPC Limited remains committed to supplying crude oil for local refining based on mutually agreed terms and conditions.