By JOY ADARA, Abuja-
The Nigerian National Petroleum Company Limited (NNPC Limited) has issued a statement to clarify recent reports regarding the alleged termination of its crude oil sales agreement with Dangote Refinery.
Chief Corporate Communications Officer, NNPC Ltd., Olufemi Soneye, said in a statement on Monday that the contract for the sale of crude oil in Naira was a six-month agreement, subject to availability, and is set to expire at the end of March 2025.
Mr. Soneye emphasized that the contract has not been terminated unilaterally, as reported on social media. Instead, discussions are ongoing to establish a new contract.
“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 Ltd. 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. Discussions are currently ongoing towards emplacing a new contract”, he said.
He explained that 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.
“NNPC Limited remains committed to supplying crude oil for local refining based on mutually agreed terms and conditions”, Mr. Soneye said.
