The Nigerian National Petroleum Company (NNPC) Limited has clarified reports regarding its crude oil sales agreement with Dangote Refinery, stating 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 company also confirmed that discussions are currently ongoing to establish a new contract.
The clarification follows speculation on social media suggesting that NNPC had unilaterally terminated the deal.
In a statement issued on Monday, NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, explained, “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.”
The national oil company further stated that under the existing arrangement, it has supplied Dangote Refinery with over 48 million barrels of crude oil since October 2024, bringing the total crude oil supplied to the refinery to over 84 million barrels since its operations began in 2023.
Reaffirming its commitment to supporting local refining, NNPC assured that it remains dedicated to supplying crude oil for domestic processing based on mutually agreed terms and conditions.
Ozioma Samuel-Ugwuezi
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