The Nigerian National Petroleum Company Limited (NNPCL) has clarified the state of its crude contract with the Dangote Refinery following media reports of the alleged unilateral termination of the crude oil sales agreement in Naira between the NNPC Ltd. and Dangote Refinery.
Clarification
The NNPCL in a clarification issued on its X handle revealed the contract for the sale of crude oil in Naira between the company and Dangote Refinery was structured as a six-month agreement, subject to availability, and expired at the end of March 2025.
NNPC Ltd. in a statement signed by Olufemi Soneye its chief Corporate Communications Officer states it has made over 48 million barrels of crude oil available to Dangote Refinery since October 2024 and over 84 million barrels of crude oil available to the Refinery since its commencement of operations in 2023.
What next?
The statement revealed the NNPC is currently in negotiations with Dangote refinery to renew the contract as it remains committed to supplying crude oil for local refining based on mutually agreed terms and conditions.
