The Nigerian National Petroleum Company Limited (NNPCL) has refuted claims of ending its Naira-for-crude oil deal with Dangote Refinery. In a statement on Monday, NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, clarified that the agreement remains intact, with 84 million barrels delivered since the refinery’s 2023 launch.
Soneye emphasized that the current contract, initiated in October 2024, provides for crude oil sales in Naira and is set to expire in March 2025. Since then, Dangote Refinery has received 48 million barrels for refining, contributing to Nigeria’s local petroleum supply.
NNPCL highlighted that discussions are underway to renew the agreement, reinforcing their commitment to supporting local refining efforts under mutually beneficial terms. This ongoing collaboration aligns with the national strategy to boost domestic fuel production and reduce import dependency.
By maintaining this partnership, NNPCL underscores its role in stabilizing the nation’s energy sector, ensuring a steady supply of crude to bolster Nigeria’s refining capacity. The company’s proactive stance in negotiating a new deal reflects its dedication to fostering long-term industry growth and energy security.
