Nigeria’s NNPCL Dismisses Reports of Dangote Refinery Crude Contract Termination
The National Petroleum Corporation of Nigeria (NNPCL) clarifies reports on alleged termination of its crude oil sales agreement with the Dangote refinery. NNPCL Chief Corporate Communications Officer Olufemi Soneye dismissed the claim that the agreement was unilaterally terminated. According to him, the six-month contract aims to supply crude oil in Naira, is scheduled to expire at the end of March 2025 and a new agreement has been discussed. He revealed that under Naira’s crude arrangement, NNPCL has provided more than 48 million barrels of crude oil to refineries since October 2024, and since its launch in 2023, the deal was authorized by the Federal Executive Committee (FEC) (FEC) in July last year to reduce foreign exchange trading pressure and stabilize local fuel prices.
source: Channel
