Naira-for-Crude agreement was for only 6 months – NNPC
The Nigerian National Petroleum Company Limited (NNPC Limited) says the Naira-for-crude agreement with Dangote refinery was for only six months.
The company, in a statement by its Chief Corporate Officer, Mr. Olufemi Soneye said that supply agreement has elapsed.
NNPC denied that it unilaterally terminated the contract, stating that both companies were in discussion for a new contract.
“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 implementing a new contract.
“Under this arrangement, NNPC has made over 48 million barrels of crude oil available to Dangote Refinery since October 2024. In aggregate, NNPC has made over 84 million barrels of crude oil available to the Refinery since its commencement of operations in 2023.
“NNPC Limited remains committed to supplying crude oil for local refining based on mutually agreed terms and conditions”, Soneye said.
