Newscenter Media News The Nigerian National Petroleum Company Limited (NNPC Ltd) has clarified that the Naira-for-crude contract between it and Dangote Refinery is not terminated, rather, the terms are under review.
This is even as the state oil company disclosed that NNPC Ltd has made over 48 million barrels of crude oil available to Dangote Refinery since October 2024 under this arrangement while 84 million barrels of crude oil has been made available to the Refinery since its commenced operations in 2023.
The clarification is coming against the back drop of 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.
Ripples Nigeria reports that the Federal Executive Council (FEC) had in July 2024, directed the NNPC Ltd to sell crude oil to Dangote Refinery and other local refineries in naira and not in American dollars.
The move was to reduce the strain on the country’s FX spending and stabilise the pump price of petrol, diesel and other products in Nigeria.
Clarifying the situation in a statement on Monday, March 10, 2025, the NNPCL Chief Corporate Communications Officer, Olufemi Soneye, said 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.
READ ALSO: Dangote to buy 12m barrels of crude from US, as NNPCL fails to meet demand
He said that discussions are currently ongoing towards a new contract.
The statement titled “Re: Clarification on the Naira Crude Contract Between NNPC Limited and Dangote Refinery” reads;
“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.
“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”.
By: Babajide Okeowo
The post NNPCL denies terminating naira-for-crude contract with Dangote Refinery appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.