The Nigerian National Petroleum Company Limited, NNPC Ltd, said on Monday that it had ongoing discussions with Dangote Refinery towards emplacing a new crude oil supply contract denominated in naira.
Chief Corporate Communications Officer of NNPC Ltd, Olufemi Soneye, who disclosed this in a statement, said the contract for the sale of crude oil in Naira was structured as a six-month agreement, subject to availability.
He stated that the extant contract would expire at the end of March 2025.
Soneye was responding to recent reports making the rounds on social media regarding the alleged unilateral termination of the crude oil sales agreement in Naira between NNPC and Dangote Refinery.
He clarified that “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.”
The NNPC Ltd spokesperson disclosed that under this arrangement, NNPC had 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.
“NNPC Limited remains committed to supplying crude oil for local refining based on mutually agreed terms and conditions,” he said.
