The Nigerian National Petroleum Company Limited (NNPCL) has signed a two-year crude supply agreement with the Dangote Petroleum Refinery, extending its partnership to sustain operations at Africa’s largest refinery.
Under the new deal, NNPCL will supply five cargoes each in September and October, according to spokesman Andy Odeh. The refinery, owned by Africa’s richest man, Aliko Dangote, has received 82 million barrels of crude since October 2024, with 60 per cent of the supplies denominated in naira.
Last year, the government agreed to sell 445,000 barrels daily in naira to the refinery to stabilise domestic pump prices and support currency stability. The pilot scheme may be expanded to other domestic refineries.
Following intervention by the Naira for Crude Technical Committee, Dangote Refinery resumed nationwide Premium Motor Spirit (PMS) sales in naira last Saturday.
“Following the intervention of the Naira for Crude Technical Committee chairman, we are pleased to inform you of the resumption of PMS sales in Naira commencing immediately,” the refinery informed customers.
During a courtesy visit to NNPC Towers, Dangote emphasised collaboration with NNPCL, stressing that the two entities are partners, not competitors, in driving Nigeria’s energy transformation.
“There is no competition between us. We are not here to compete with NNPC Ltd. This is an era of cooperation between the two organisations,” Dangote said.