Amid circulating reports suggesting a rift in its crude oil supply arrangement with Dangote Refinery, Nigeria’s state-owned oil company has set the record straight, affirming that the Naira-for-Crude agreement remains intact.
In a statement on Monday, Olufemi Soneye, Chief Corporate Communications Officer of the Nigerian National Petroleum Company Limited (NNPCL), clarified that the deal, which began in October 2024, was structured as a six-month contract and is set to expire at the end of March 2025. Discussions for a renewal are already underway.
Soneye further disclosed that since the refinery commenced operations in 2023, NNPCL has supplied a total of 84 million barrels of crude oil, with 48 million barrels specifically allocated under the current contract.
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The statement, titled “Clarification on the Naira Crude Contract Between NNPC Limited and Dangote Refinery”, dismissed claims of a unilateral contract termination, reaffirming NNPCL’s commitment to supplying crude oil for domestic refining based on mutually agreed terms.
“NNPC Limited remains dedicated to ensuring a stable supply of crude oil for local refining, in line with existing agreements,” the statement read.
