The Nigerian National Petroleum Company Limited (NNPCL) says it is currently in discussions for the renewal of the Naira-for-Crude agreement with Dangote Refinery, stating that contrary to reports from some social media quarters, the agreement with Africa’s largest refinery is intact and not terminated.
The NNPCL in a statement on Monday indicated that it was committed to “establishing a new contract” with Dangote Refinery.
According to the oil and gas regualatory company, Dangote Refinery has received a total of 84 million barrels of crude oil since its commencement of operations.
NNPCL Chief Corporate Communications Officer, Mr. Olufemi Soneye, stated that under the deal initiated in October 2024, the 650,000-capacity refinery has received 48 million barrels to refine petroleum products.
The statement titled, “Clarification on the Naira Crude Contract Between NNPC Limited and Dangote Refinery”, explained that the agreement for the sale of crude oil in naira was structured as a six-month contract and is set to expire at the end of March 2025.
He stated: “NNPC Limited has noted recent reports circulating on social media regarding the alleged unilateral termination of the crude oil sales agreement in Naira between NNPC and Dangote Refinery.
“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.
“NNPC Limited remains committed to supplying crude oil for local refining based on mutually agreed terms and conditions.”
