The Nigerian National Petroleum Company (NNPC) Limited has clarified rumors about its crude oil sales agreement in Naira with Dangote Refinery. The company confirmed that the existing contract, which was structured as a six-month agreement, will expire at the end of March 2025. However, discussions are ongoing to establish a new contract.
According to Olufemi Soneye, Chief Corporate Communications Officer of NNPC Limited, the company has provided Dangote Refinery with over 48 million barrels of crude oil since October 2024. In total, NNPC has made over 84 million barrels of crude oil available to the refinery since it began operations in 2023.
NNPC Limited has reaffirmed its commitment to supplying crude oil for local refining based on mutually agreed terms and conditions. This clarification aims to address recent reports circulating on social media regarding the alleged unilateral termination of the crude oil sales agreement in Naira between NNPC and Dangote Refinery.
