The Nigerian National Petroleum Company Limited (NNPCL) has denied reports of unilaterally terminating its crude oil sales agreement in Naira with Dangote Refinery.
In a statement on Monday, NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, explained that the contract was a six-month agreement subject to availability and is set to expire at the end of March 2025. He added that discussions are ongoing to establish a new contract.
Also Read: US President Trump Hails Arrest of Columbia Student Over Pro-Palestine Activism
Soneye revealed that NNPCL has supplied Dangote Refinery with over 48 million barrels of crude oil since October 2024 and a total of 84 million barrels since the refinery began operations in 2023.
NNPCL reaffirmed its commitment to supplying crude oil for local refining under agreed terms. This follows a Federal Executive Council (FEC) directive in July 2024 mandating NNPCL to sell crude to local refineries in Naira to reduce foreign spending and stabilise fuel prices.
Leave feedback about this
You must be logged in to post a comment.