NNPCL dismisses alleged Crude contract termination with Dangote Refinery

Nigerian National Petroleum Company Limited (NNPCL) faulted the alleged unilateral termination of the crude oil sales agreement in Naira between NNPC Ltd. and Dangote Refinery.

The clarification followed the recent viral reports on social media regarding the allegation.

Chief Corporate Communications Officer, Olufemi Soneye, described the report as false and misleading.

Soneye explained 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.

The NNPCL added that the discussions are currently ongoing towards emplacing a new contract.

According to him, under the current arrangement, NNPCL has made over 48 million barrels of crude oil available to Dangote Refinery since October 2024. 

Soneye said In aggregate, NNPCL has made over 84 million barrels of crude oil available to Dangote Refinery since its commencement of operations in 2023.

He, however, assured that NNPCL remains committed to supplying crude oil for local refining based on mutually agreed terms and conditions.