The Nigerian National Petroleum Company Limited (NNPCL) has clarified reports about the alleged termination of its crude oil sales agreement with the Dangote Refinery. Olufemi Soneye, the NNPCL’s Chief Corporate Communications Officer, dismissed claims that the agreement was unilaterally terminated. According to him, the six-month contract, structured to supply crude in naira, is set to expire at the end of March 2025, with discussions underway for a new agreement. He revealed that, under the naira for crude arrangement, the NNPCL has supplied over 48 million barrels of crude to the refinery since October 2024, bringing the total to 84 million barrels since its launch in 2023. The deal, mandated by the Federal Executive Council (FEC) last July, aimed to reduce foreign exchange pressure and stabilize local fuel prices.
Source: CHANNELS