The Nigerian National Petroleum Company Limited (NNPCL) says it supplied 48 million barrels of crude oil to the Dangote Refinery under the naira-for-crude agreement which began in October 2024.
The corporation, however, said over 84 million barrels of crude oil had been available to the refinery since it commenced operations in 2023.
Chief Corporate Communications Officer of NNPCL, Olufemi Soneye, said in a statement that the agreement, was for an initial period of six months and talks were ongoing to renegotiate a new deal with the current one billed to end by March 31, 2025.
“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 has made over 48 million barrels of crude oil available to Dangote Refinery since October 2024. In aggregate, NNPC has made over 84 million barrels of crude oil available to the refinery since its commencement of operations in 2023,” the statement read in part.
The national oil firm further reaffirmed its commitment to supplying crude oil for local refining based on mutually agreed terms and conditions.
On October 1, 2024, the government commenced the sale of crude oil in naira to local refineries to improve supply, save the country millions of dollars in petroleum product imports, and ultimately reduce the pump prices of refined products.
