DAILY COURIER – The Nigerian National Petroleum Company Limited (NNPC Ltd.) has dismissed social media reports suggesting that it unilaterally terminated a crude oil sales agreement with Dangote Refinery. The company clarified that the contract, which allowed for crude oil sales in Naira, was structured as a six-month agreement subject to availability and is set to expire at the end of March 2025.
In a statement issued by the Chief Corporate Communications Officer, Olufemi Soneye, NNPC Ltd. confirmed that discussions are ongoing to establish a new contract for continued crude supply. The company reiterated its commitment to ensuring crude oil availability for local refining under mutually agreed terms and conditions.
NNPC Ltd. disclosed that it has supplied over 48 million barrels of crude oil to Dangote Refinery since October 2024. In total, since the refinery began operations in 2023, NNPC Ltd. has made more than 84 million barrels of crude available to the facility.
The clarification comes amid speculation that the deal had been abruptly terminated, sparking concerns about potential disruptions in the nation’s refining sector. However, NNPC Ltd. reassured stakeholders that the agreement remains on course and will be reviewed accordingly to support domestic refining capacity.
The company reaffirmed its commitment to fostering partnerships that enhance Nigeria’s energy security and economic growth.
