The Nigerian National Petroleum Company Limited (NNPCL) has said that it has made over 48 million barrels of crude oil available to Dangote Refinery since October 2024 when the Naira for Crude Contract deal was sealed between the two companies.
ENERGY TIMES had exclusively reported that NNPCL would opt out of the six months contract deal at the end of March, 2025.
NNPCL in a statement signed by its Chief Corporate Communications Officer, Olufemi Soneye titled: Re: Clarification on the Naira Crude Contract Between NNPC Limited and Dangote Refinery, the company 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.
Under the deal, the Federal Government through the NNPCL delivered up to 385,000 barrels of Nigerian crude oil daily to the Dangote Refinery.
Also, under the deal, NNPCL is to off-take 25 million litres of petrol from the refinery daily.
Unfortunately, multiple sources alleged that the refinery had failed to meet its obligations to the NNPCL, to the extent that it now owes the company over a billion litres of premium motor spirit (PMS) known as petrol.
“NNPC will not renew the Naira-for-crude oil deal”, Presidency sources alleged.
But Dangote Refinery official had denied these described the statements as total falsehood
“This is total falsehood. Just some days ago, the President of Dangote Group, Aliko Dangote said, we have “more than half a billion litres of petroleum and over N600 billion worth of products in our tanks. He said and I quote: “…as we speak right now we have more than half a billion litres. The Refinery is producing enough refined products, like gasoline, diesel, and kerosene, to meet 100 percent of Nigeria’s requirements. So, how can a company that has this volume in stock refuse?”
