NNPCL Clarifies Termination of Naira Crude Deal with Dangote Refinery
By Ibrahim Umar,
Kanempress News,
11th,March,2025
The Nigerian National Petroleum Company Limited (NNPCL) has addressed the growing speculation surrounding the alleged termination of its crude oil sales agreement with Dangote Refinery. In a statement issued on March 10, 2025, NNPCL clarified that the existing contract, which allows for the sale of crude oil in Naira, was a six-month agreement, and it is set to naturally expire at the end of March 2025.
According to the NNPCL, the contract’s expiration is not a result of unilateral termination but part of the initial terms outlined in the agreement. The statement emphasized that discussions between NNPCL and Dangote Refinery are already in progress to create a new contract that will further strengthen the partnership and ensure continued supply under mutually beneficial terms.
Since October 2024, NNPCL has supplied Dangote Refinery with over 48 million barrels of crude oil as part of this agreement. Overall, the company has provided more than 84 million barrels of crude oil to Dangote Refinery since the refinery commenced operations in 2023. NNPCL reaffirmed its commitment to supporting local refining initiatives and ensuring a stable and reliable crude oil supply to domestic refineries.
This clarification aims to quell any confusion surrounding the contract and reassures stakeholders that NNPCL remains focused on the goal of boosting local refining capabilities and ensuring the availability of petroleum products within Nigeria.
