The Nigerian National Petroleum Company Limited (NNPCL) is renegotiating a new naira-for-crude deal with the Dangote Petroleum Refinery ahead of the current agreement’s expiration on March 21, 2025.
NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, confirmed ongoing discussions to establish a renewed contract, ensuring continued crude supply for local refining.
Since October 2024, the 650,000-barrels-per-day refinery has received 48 million barrels, with a total of 84 million barrels supplied since its launch in 2023.
Zacch Adedeji, Chairman of the Technical Sub-Committee on the deal, reaffirmed the policy’s economic benefits, highlighting its role in reducing foreign exchange dependence and stabilizing domestic fuel supply.
Read also:
- Nigeria takes bold step to protect domestic workers as bill advances
- FG, Benue partner to transform livestock sector, unlock $74bn growth potential
- NDDC empowers 300 Niger Delta rice farmers with N200,000 starter packs
- UKEF is Empowering Women-Led SMEs to Thrive in Global Trade
- SMEDAN hosts town hall to guide SMEs on tax reforms
He assured that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is enforcing compliance with the Petroleum Industry Act’s Domestic Crude Oil Obligations.
Meanwhile, Eche Idoko, Publicity Secretary of the Crude Oil Refinery-Owners Association of Nigeria, urged the government to meet its commitment to supplying 27,000 barrels per day to modular refineries, emphasizing its importance for industry growth and economic stability.
Discover more from SMALL BUSINESS INSIGHTS
Subscribe to get the latest posts to your email.
