Business
NNPC failing to deliver agreed crude oil under crude-for-naira deal — Dangote refinery
The Lagos-based mega Dangote refinery has accused the Nigerian National Petroleum Corporation (NNPC) of failing to meet its crude oil supply obligations under the naira-for-crude agreement.
Edwin Devakumar, the Vice President of the Dangote Group, disclosed this in a statement reported by Reuters.
Devakumar explained that the national oil company had committed to supplying the refinery with a minimum of 385,000 barrels per day (bpd) under the crude-for-naira deal.
However, he alleged that the NNPC is falling short of this commitment.
According to Reuters, Devakumar characterized the volume of crude currently supplied by NNPC Limited as “peanut,” though he did not specify the exact amount.
“We need 650,000 barrels per day, and NNPC Ltd agreed to supply a minimum of 385,000 bpd, but they are not even delivering that,” Devakumar stated.
In an earlier report, ThePressNG observed that the $20 billion Dangote Refinery has resumed importing crude oil from the United States after a three-month pause.
ThePressNG earlier reported that on July 29, the Federal Executive Council approved President Tinubu’s proposal to end the sale of crude oil by NNPC to local refineries in foreign currency.
The Minister of Finance, Wale Edun, later announced that the transaction would officially commence on October 1, 2024.
- Business1 week ago
Nigerian court unfreezes N89 million in bank accounts previously indicted for illegal crypto dealings
- Business1 week ago
FCCPC probes GTBank, MTN and Air Peace over alleged customer rights violations
- Business7 days ago
Elon Musk asks U.S. court to block OpenAI’s transition to for-profit
- News1 week ago
Eight Terrorist Commanders Surrender in Northcentral — DHQ
- News6 days ago
Target Bigger Fish, Not Yahoo Boys — Justice Shuaibu to Anti-Graft Agencies
- News6 days ago
NAFDAC Dismantles Fake Alcohol Production Site in Lagos, Seizes N30M
- Business1 week ago
Uganda confirms Central Bank hack, says amount stolen not up to $17 million
- Business1 week ago
Lagos govt seals Mega Plaza in Lagos Island for discharging untreated washwater into public drain