The Nigerian National Petroleum Company Limited has dismissed reports alleging the termination of its Naira-for-Crude agreement with Dangote Refinery.
The company clarified that the contract remains in place and discussions are ongoing for its renewal.
In a statement issued on Monday, NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, affirmed that the refinery has received a total of 84 million barrels of crude oil since it began operations in 2023.
He also noted that under the existing agreement, which commenced in October 2024, Dangote Refinery has received 48 million barrels for refining.
Soneye emphasized that the agreement was initially structured as a six-month contract, set to expire at the end of March 2025. “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,” he stated.
He further assured that discussions are ongoing to establish a new agreement. “NNPC has made over 48 million barrels of crude oil available to Dangote Refinery since October 2024.
In total, over 84 million barrels have been supplied to the refinery since it commenced operations in 2023,” Soneye added.
