NNPC Ltd Clarifies Misleading Reports On Naira For Crude Contract With Dangote Refinery

…Supplies Over 84 Million Barrels Of Crude To Dangote Refineries

The Nigerian National Petroleum Company Limited has clarified recent reports circulating on social media regarding the alleged unilateral termination of the crude oil sales agreement in Naira between NNPC and Dangote Refinery.

The clarification was made by the Chief Corporate Communications Officer of the NNPC, Mr Olufemi Soneye, on Monday.

Recall that the Federal Executive Council, under the leadership of President Bola Tinubu, had in September last year approved the sale of crude to local refineries in Naira and the corresponding purchase of petroleum products in Naira.

This initiative was to help reduce pressure on the Naira, eliminate unnecessary transaction costs, and improve the availability of petroleum products in the country.

There had been reports that the NNPC had terminated the agreement and that the alleged termination would raise the price of petrol.

But Soneye said in the statement made available to THE WHISTLER that 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 placing a new contract.

Under this arrangement, he said the NNPC has made over 48 million barrels of crude oil available to Dangote Refinery since October 2024.

In aggregate, he added that the 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.

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 placing 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.”

NNPC Ltd Clarifies Misleading Reports On Naira For Crude Contract With Dangote Refinery is first published on The Whistler Newspaper