The Nigerian Nationwide Petroleum Firm Restricted (NNPC) has signed a brand new two-year crude oil gross sales and buy settlement with the Dangote Petroleum Refinery.
The deal, finalized in August, will guarantee a gentle provide of feedstock to the 650,000-barrel-per-day facility situated in Lekki, Lagos, till 2027.
In response to particulars obtained from NNPC, a complete of 82 million barrels of crude have been allotted to the refinery from October 2024 up to now, with 60 % — equal to 49.3 million barrels — bought in naira.
The association falls beneath the Federal Authorities’s Crude for Naira Initiative, designed to assist home refining and assure gas provide to the Nigerian market.
Andy Odeh, Chief Company Communications Officer of NNPC, confirmed that crude allocation in naira has continued uninterrupted.
He defined that NNPC, Dangote Refinery, and the Nigerian Midstream and Downstream Petroleum Regulatory Authority periodically reconcile the amount and value of crude equipped in native foreign money to make sure alignment with deliveries.
As a part of the settlement, three naira-denominated cargoes have been allotted in August, whereas 5 cargoes have been scheduled every for September and October. Loading operations for August have been accomplished, with two vessels at present at terminals for September allocations.
The Federal Authorities, by way of the Steering Committee of the Home Crude Oil and Refined Merchandise Gross sales in Native Foreign money Initiative chaired by the Minister of Finance, Wale Edun, has assured Nigerians that the programme will proceed with out disruption.
The committee emphasised its dedication to vitality safety and market stability.
Oil entrepreneurs welcomed the event, describing it as a crucial step towards decreasing reliance on imported crude.
The Unbiased Petroleum Entrepreneurs Affiliation of Nigeria (IPMAN) mentioned the renewed provide deal would assist stabilize the downstream market and guarantee uninterrupted circulation of petroleum merchandise.
The gross sales and buy settlement is a part of President Bola Tinubu’s directive to prioritize native crude provide to Nigerian refineries, starting with the Dangote facility.
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