The Nigerian National Petroleum Company Limited has dismissed reports suggesting that it has ended its Naira-for-Crude supply arrangement with Dangote Refinery.
In a statement released on Monday, NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, reaffirmed that the company has consistently supplied the refinery with a total of 84 million barrels of crude oil since it commenced operations in 2023.
He further clarified that discussions are currently underway to renew the agreement and establish a new contract.
Providing more details, Soneye noted that the 650,000-barrel-per-day refinery has received 48 million barrels under the existing agreement, which was initiated in October 2024.
The deal, structured as a six-month contract, is set to expire at the end of March 2025.
Addressing the issue, NNPCL released a statement titled “Clarification on the Naira Crude Contract Between NNPC Limited and Dangote Refinery.”
The statement read, “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.”
With negotiations for a renewed contract in progress, NNPCL has reaffirmed its commitment to ensuring a steady supply of crude oil for domestic refining under mutually beneficial terms.
