NNPC Ends Petroleum Importation, Partners Dangote refinery

November 12th, 2024



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NNPC Ends Petroleum Importation, Partners Dangote refinery

The Nigerian National Petroleum Company Limited (NNPC) has announced the conclusion of a long-standing practice, marking a significant shift in the Nigerian oil sector. This development follows the Independent Petroleum Marketers Association of Nigeria (IPMAN) revealing its intentions to purchase petroleum products directly from the Dangote Refinery, a facility valued at $20 billion.

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During his keynote address at the 42nd Annual International Conference and Exhibition of the Nigerian Association of Petroleum Explorationists (NAPE) in Lagos, the Group Chief Executive Officer of NNPC, Mele Kyari, underscored the company’s commitment to reform within the industry. He highlighted NNPC’s role as a proud co-owner of the Dangote Refinery, emphasizing the importance of this collaboration in addressing market challenges.

Kyari pointed out that the Dangote Refinery represents a vital market opportunity, capable of processing at least 300,000 barrels of crude oil per day. This substantial capacity is expected to assist NNPC in navigating the challenges posed by a contracting crude oil market, ensuring stability and fostering growth within the sector.

This strategic move signals a new era for NNPC and the Nigerian oil industry, aiming to enhance product availability and foster competitiveness in the petroleum market.

 

He said:

“Oil is found in very many unexpected locations across the world and people have choices. And therefore, we saw an opportunity to now supply to not just Dangote, but every refinery that operates in the country.

“So, it’s a well informed business decision. Therefore, from day one, we knew that it was to our benefit to supply crude oil to domestic refineries.

“So, we don’t need to be persuaded. We don’t need anyone to talk to us. There is no need for any pressure from the streets for us to do this. We are already doing this.”



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