The Nigerian National Petroleum Company NNPC Limited has clarified 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.
Naira-Based Crude Oil Supply Arrangement Remains Intact-Adedeji
Contract Expiration and Renewal Discussions
According to Olufemi Soneye, Chief Corporate Communications Officer of NNPC Ltd., the contract was a six-month agreement set to expire at the end of March 2025. Discussions are currently ongoing to establish a new contract.
Crude Oil Supply to Dangote Refinery
NNPC Ltd. has supplied over 48 million barrels of crude oil to Dangote Refinery since October 2024.
Dangote Refinery to Import 12 Million Barrels of Crude Oil from US
In total, NNPC Ltd. has made over 84 million barrels of crude oil available to the refinery since its commencement of operations in 2023.
Commitment to Local Refining
NNPC Limited remains committed to supplying crude oil for local refining based on mutually agreed terms and conditions. This commitment underscores the company’s support for Nigeria’s refining sector and its efforts to promote energy self-sufficiency.