TUE MARCH 11 2025-theGBJournal| Contrary to reports, the Nigerian National Petroleum Company Limited (NNPCL) Naira Crude Contract deal with Dangote Refinery has not been unilaterally terminated, ”but under going renegotiation.” the NNPCL said Monday.
According to the NNPCL, 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. Discussions are currently ongoing towards emplacing a new contract.
Under this arrangement, NNPC Ltd. has made over 48 million barrels of crude oil available to Dangote Refinery since October 2024. In aggregate, NNPC Ltd. has made over 84 million barrels of crude oil available to the Refinery since its commencement of operations in 2023.
Designed to encourage and support domestic refining capacity, reduce dependence on imported petroleum products, the Naira Crude Contract arrangement was introduced on October 1 2024 to allow local refiners buy crude oil in naira instead of dollars.
The NNPCL said, it remains committed to supplying crude oil for local refining based on mutually agreed terms and conditions.
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