The Nigerian National Petroleum Company Limited (NNPCL) has revealed that it supplied 48 million barrels of crude oil to Dangote Refinery over six months under a naira-based payment arrangement.
According to Olufemi Soneye, NNPCL’s Chief Corporate Communications Officer, the agreement allowed for payment in naira based on the availability of crude and was set for a six-month period.
Soneye made this known in a rejoinder titled: “Re: Clarification on the Naira Crude Contract Between NNPC Limited and Dangote Refinery.”
The rebuttal said: “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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