Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, has refuted claims that International Oil Companies (IOCs) are refusing to sell crude oil to the Dangote refinery.
The management of Dangote refinery had accused IOCs of refusing to sell and supply crude oil to it, hence the resort to dependence on international suppliers of crude.
However, Komolafe, in an interview on Arise TV on Monday, explained that while the Petroleum Industry Act (PIA) makes it obligatory for IOCs and other producers to sell to local refineries like Dangote, the pricing of the crude is based on a willing-buyer/willing-seller basis.
He said to the best of the commission’s knowledge, the IOCs are making crude oil available to interested buyers, and the product is abundant.
“Making the crude available is done at a price and the provisions of the law is that it should be done on a willing-buyer, willing-seller basis.
“No producer is refusing to make crude available to the Dangote refinery,” Komolafe said.
