THE NIGERIAN NATIONAL Petroleum Company (NNPC) has addressed reports regarding its alleged unilateral termination of a crude oil sales agreement with Dangote Refinery, a private company owned by billionaire Aliko Dangote.
In a statement released on its verified Facebook page, NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, clarified that the crude oil supply contract was originally structured as a six-month agreement, subject to availability, and is set to expire at the end of March 2025.
READ MOEE: Again, NNPC reduces petrol pump price to N860/litre
NNPC Gas Marketing Signs Deal With Dangote Refinery to Supply Gas Dor 10 Years
Dangote Group: NNPC Yet to Lift Petrol from Our Refinery
Soneye stated that discussions are ongoing to establish a new contract, dismissing claims that the deal was abruptly terminated.
He further disclosed that since October 2024, NNPC has supplied Dangote Refinery with over 48 million barrels of crude oil, bringing the total supply to more than 84 million barrels since the refinery began operations in 2023.
The statement reads, “NNPC Limited has noted 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.
“To clarify, 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.
“Under this arrangement, NNPC Ltd. has made over 48 million barrels of crude oil available to Dangote Refinery since October 2024. In aggregate, NNPC Ltd. has made over 84 million barrels of crude oil available to the Refinery since its commencement of operations in 2023.
The commission stated that NNPC Limited remains committed to supplying crude oil for local refining based on mutually agreed terms and conditions.
