The Nigerian National Petroleum Company Limited (NNPCL) and Dangote Petroleum Refinery are in negotiations for a fresh crude supply contract aimed at bolstering the federal government’s Naira-for-Crude programme.
NNPCL clarified that the initial contract, which allowed the sale of crude oil in Naira, was structured as a six-month agreement and is set to expire in March 2025. Discussions are now underway to ensure a seamless continuation of supply to local refiners.
In a statement titled Clarification on the Naira Crude Contract Between NNPC Limited and Dangote Refinery, Chief Corporate Communications Officer Olufemi Soneye addressed rumors of a unilateral contract termination.
“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 establishing a new contract,” the statement read.
Soneye further disclosed that since October 2024, NNPCL has supplied Dangote Refinery with over 48 million barrels of crude oil. In total, more than 84 million barrels have been delivered since the refinery began operations in 2023.
He reaffirmed NNPCL’s commitment to ensuring a steady supply of crude for local refining based on mutually agreed terms and conditions.
