The Nigerian National Petroleum Company Limited, NNPCL, has denied terminating its naira-for-crude sale deal with Dangote Refinery.
The spokesperson for NNPCL, Olufemi Soneye, made this clarification in a statement on Monday.
This follows reports claiming that NNPCL had halted its crude purchase agreement with Dangote Refinery.
Reacting, Soneye clarified that the deal, which commenced around October, was structured as a six-month agreement, subject to availability, and is set to expire at the end of March 2025.
He also stated that discussions are ongoing regarding the implementation of a new contract.
“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 Ltd. 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 establishing a new contract.
“Under this arrangement, NNPC Ltd. has supplied over 48 million barrels of crude oil to Dangote Refinery since October 2024. In total, NNPC Ltd. has provided over 84 million barrels of crude oil to the refinery since it commenced operations in 2023,” the statement read.
Recall that following the announcement by President Bola Ahmed Tinubu, NNPCL initiated its naira-for-crude sales agreement with Dangote Refinery.
NNPCL refutes ending Naira-for-crude deal with Dangote Refinery
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