The Nigerian National Petroleum Company Limited (NNPCL) has confirmed that it has supplied 48 million barrels of crude oil to the Dangote Refinery over a six-month period, under a contract structured in naira.
In a statement issued by the Chief Corporate Communications Officer, Mr. Olufemi Soneye, the NNPCL clarified that the contract for crude oil sales in naira was designed to be subject to the availability of feedstock and would run for six months. The contract is set to expire at the end of March 2025, with discussions already underway to establish a new agreement.
The statement followed recent reports on social media about the alleged unilateral termination of the agreement. Soneye explained that the arrangement was always meant to last six months, with NNPCL supplying over 48 million barrels of crude oil to Dangote Refinery since October 2024. Overall, 84 million barrels of crude have been made available to the refinery since it began operations in 2023.
Soneye emphasized that NNPCL remains committed to providing crude oil for local refining in line with mutually agreed terms and conditions, reinforcing its dedication to supporting Nigeria’s domestic refining capacity.
