The Nigerian National Petroleum Company Limited has said it supported the establishment of Dangote refinery with a $1 billion loan backed by crude oil.
This was revealed by the Chief Corporate Communications Officer of NNPC, Mr Olufemi Soneye, at the Energy Relations Stakeholders Engagement in Abuja on Monday.
He said the NNPC also facilitated the $3 billion Gazelle loan as a critical intervention to help stabilise the federation’s foreign exchange crisis.
This newspaper reports that in January 2024, NNPC arranged a syndicated $3.3 billion crude oil prepayment facility in partnership with Afreximbank.
The bank said the deal was the largest crude-backed facility in Nigeria and one of the largest syndicated debts raised in Africa.
Mr Soneye said these initiatives testify to NNPCL’s dedication to driving national development partnerships.
He said with the leadership of Mele Kyari, NNPC Ltd has achieved groundbreaking milestones, redefining the trajectory of Nigeria’s oil and gas sector.
He said, “Under the visionary leadership of Mele Kyari, NNPC Ltd has achieved groundbreaking milestones, redefining the trajectory of Nigeria’s oil and gas sector. Additionally, Kyari facilitated the $3 billion Gazelle loan, a critical intervention that helped stabilise the federation during a challenging foreign exchange crisis.”
On the support for Dangote, he said, “A strategic decision to secure a $1bn loan backed by NNPC’s crude was instrumental in supporting the Dangote refinery during liquidity challenges, paving the way for the establishment of Nigeria’s first private refinery.
“This initiative underscores NNPC’s dedication to fostering public-private partnerships that drive national development.”
Speaking on the Port Harcourt Refining Company, the spox described it as a significant turning point in Nigeria’s quest for energy self-sufficiency, reaffirming the company’s commitment to revitalizing the nation’s refining capacity.
He stressed that the national oil firm had championed the adoption of Compressed Natural Gas as an alternative energy source, offering Nigerians a cleaner and more cost-effective solution amidst rising global energy costs.
He recalled that in a historic achievement, NNPC declared profit for the first time in decades, marking a significant financial turnaround.
Mr Soneye added that the company had already exceeded its profit projections for 2024, a testament to the firm’s transformative reforms.
He pledged that as a responsible energy company, NNPCL would continue strengthening Nigeria’s energy sector while solidifying its legacy as a transformative force and a global game-changer.
At the stakeholders’ meeting, he said NNPCL recognises the stakeholders’ roles in shaping the future of energy in Nigeria and beyond.
He stressed, “Together, we stand at the forefront of a transformative era in the global energy landscape, where collaboration, innovation, and sustainability are key to success.”
Energy relations, he said, are the backbone of NNPC Ltd’s operations and strategic aspirations as an integrated energy company.
