ADVERTISEMENT
Apples Bite International Magazine
  • News Bite
    • All
    • Arts
    • Events
    • International
    • National
    • Politics
    • Press Release
    • Security
    • Show Biz
    • Sports
    "That we remain one country at 65 calls for celebration" - Gbenga Daniel Celebrates Nigeria's 65 Years of Unity Despite Civil War, Democratic Struggles

    “That we remain one country at 65 calls for celebration” – Gbenga Daniel Celebrates Nigeria’s 65 Years of Unity Despite Civil War, Democratic Struggles

    Nigeria's Diversity Remains Our Greatest Resource at 65 - Seunmanuel Faleye

    Nigeria’s Diversity Remains Our Greatest Resource at 65 – Seunmanuel Faleye

    President Bola Tinubu

    Nigeria At 65: We Have Made Tremendous Progress As A Nation Since 1960 – Tinubu

    Atawewe Celebrates Nigeria @ 65, Commends Tinubu, Hints at New Afro-Fuji Collaboration

    Atawewe Celebrates Nigeria @ 65, Commends Tinubu, Hints at New Afro-Fuji Collaboration

    Nigeria at 65: Lagos Post Online Salutes a Nation of Resilience and Hope

    Nigeria at 65: Lagos Post Online Salutes a Nation of Resilience and Hope

    Rufai Khalifah

    Northwest’s Consensus Candidate: Rufai Khalifah’s Bid For NYCN Presidency Gains Momentum

    Adron Homes Hails Nigeria at 65, Reaffirms Commitment to Nation-Building

    Adron Homes Hails Nigeria at 65, Reaffirms Commitment to Nation-Building

    ARISE News Annouces Passing of Anchor Somtochukwu Maduagwu, Following Armed Robbery Attack at her Abuja Residence

    “Life-Saving Care Should Be Provided Without Barriers” – FT Rich Mummy Boss Says As She Mourns Late Somtochukwu Maduagwu

    Adebimpe Akinola

    Adebimpe Akinola: Another Female Council Official Dies In Lagos, Panic Sets In After 5 Deaths In 2 Months

    • Politics
    • International
    • National
    • Show Biz
    • Events
    • Security
    • Sports
    • Press Release
  • Lifestyle Bite
    • Fitness
    • Nutrition
    • Personal Growth
    • Travel
  • Health Bite
    • Doctor’s Diagnosis
  • Brand & Business Bite
    • Energy
  • Fashion Bite
  • Opinion Bite
    • Featured Story
    • Fiction & Poetry
    • Career
    • Teachings
    • ABM Staff Blog
    • ABM True Stories
    • Research
    • Tech
  • More
    • Latest Magazine Issue
    • Leadership 360°
    • Religion
    • Education
    • Law
    • Metro
    • Romance
      • Love
      • Sex and Relationship
      • ABM TV
      • Interviews
      • Movies
      • Red Carpets
  • Contact Us
No Result
View All Result
  • News Bite
    • All
    • Arts
    • Events
    • International
    • National
    • Politics
    • Press Release
    • Security
    • Show Biz
    • Sports
    "That we remain one country at 65 calls for celebration" - Gbenga Daniel Celebrates Nigeria's 65 Years of Unity Despite Civil War, Democratic Struggles

    “That we remain one country at 65 calls for celebration” – Gbenga Daniel Celebrates Nigeria’s 65 Years of Unity Despite Civil War, Democratic Struggles

    Nigeria's Diversity Remains Our Greatest Resource at 65 - Seunmanuel Faleye

    Nigeria’s Diversity Remains Our Greatest Resource at 65 – Seunmanuel Faleye

    President Bola Tinubu

    Nigeria At 65: We Have Made Tremendous Progress As A Nation Since 1960 – Tinubu

    Atawewe Celebrates Nigeria @ 65, Commends Tinubu, Hints at New Afro-Fuji Collaboration

    Atawewe Celebrates Nigeria @ 65, Commends Tinubu, Hints at New Afro-Fuji Collaboration

    Nigeria at 65: Lagos Post Online Salutes a Nation of Resilience and Hope

    Nigeria at 65: Lagos Post Online Salutes a Nation of Resilience and Hope

    Rufai Khalifah

    Northwest’s Consensus Candidate: Rufai Khalifah’s Bid For NYCN Presidency Gains Momentum

    Adron Homes Hails Nigeria at 65, Reaffirms Commitment to Nation-Building

    Adron Homes Hails Nigeria at 65, Reaffirms Commitment to Nation-Building

    ARISE News Annouces Passing of Anchor Somtochukwu Maduagwu, Following Armed Robbery Attack at her Abuja Residence

    “Life-Saving Care Should Be Provided Without Barriers” – FT Rich Mummy Boss Says As She Mourns Late Somtochukwu Maduagwu

    Adebimpe Akinola

    Adebimpe Akinola: Another Female Council Official Dies In Lagos, Panic Sets In After 5 Deaths In 2 Months

    • Politics
    • International
    • National
    • Show Biz
    • Events
    • Security
    • Sports
    • Press Release
  • Lifestyle Bite
    • Fitness
    • Nutrition
    • Personal Growth
    • Travel
  • Health Bite
    • Doctor’s Diagnosis
  • Brand & Business Bite
    • Energy
  • Fashion Bite
  • Opinion Bite
    • Featured Story
    • Fiction & Poetry
    • Career
    • Teachings
    • ABM Staff Blog
    • ABM True Stories
    • Research
    • Tech
  • More
    • Latest Magazine Issue
    • Leadership 360°
    • Religion
    • Education
    • Law
    • Metro
    • Romance
      • Love
      • Sex and Relationship
      • ABM TV
      • Interviews
      • Movies
      • Red Carpets
  • Contact Us
No Result
View All Result
Apples Bite International Magazine
No Result
View All Result
Adron Homes
Home Brand & Business Bite

Indigenous Refineries To Pay Naira For Crude

Madukwe Nwabuisi by Madukwe Nwabuisi
April 16, 2024
in Brand & Business Bite, News Bite
0
Refineries
0
SHARES
8
VIEWS
Share on FacebookShare on Twitter

The Federal Government has eventually complied with the demands of domestic crude oil refiners and other operators in the sector, as it declared on Monday that indigenous refineries can now buy crude oil in naira or dollars.

It also declared that the total crude oil and condensate reserves in Nigeria increased to 37.5 billion barrels as of January 1, 2024, with a life index of 68.01 years.

The government disclosed this through the Nigerian Upstream Petroleum Regulatory Commission at a briefing in Abuja, where it unveiled the new template for domestic crude oil supply obligation.

It stated that in compliance with the provisions of Section 109(2) of the Petroleum Industry Act 2021, the NUPRC in a landmark move, had developed a template guiding the activities for Domestic Crude Oil Supply Obligation.

“The commission in conjunction with relevant stakeholders from NNPC Upstream Investment Management Services, representatives of Crude Oil/Condensate Producers, Crude Oil Refinery-Owners Association of Nigeria, and Dangote Petroleum Refinery came up with the template for the buy-in of all.

“This is in a bid to foster a seamless implementation of the DCSO and ensure consistent supply of crude oil to domestic refineries,” the Chief Executive, NUPRC, Gbenga Komolafe, told journalists in Abuja.

Responding to a question on the currency of transaction for crude oil purchase, as approved in the new template, Komolafe stated that it would be either in naira or dollar, adding that naira transactions would free the pressure on the country’s foreign exchange rate.

The NUPRC boss also pointed out that the template had become effective because all necessary parties had signed up for it.

He said, “The PIA intends to make the implementation (of crude oil obligation) very easy for the parties, both for the producers and refineries. So the answer simply is that the currency for the transaction would either be in naira or dollar. That is the simple answer.

“But we all know that if the transaction is carried out in naira, that itself will free the pressure on the exchange rate. That will help the exchange rate. So that is the intent and besides, the overall intent of the Petroleum Industry Act is to develop our midstream, which is a very laudable provision of the PIA.”

In the currency of payment section of the new template, it was stated that “the payment shall be in either United States dollar or naira or both. Where the payment is in both currencies, the payment split shall be as agreed in the SPA between the producer and the refiner.”

On February 26, 2024, The PUNCH exclusively reported that modular refineries in Nigeria were facing the threat of shutting down operations following their inability to access foreign exchange for the purchase of crude oil, a commodity priced in United States dollars.

Nigeria has 25 licenced modular refineries with a combined capacity of producing 200,000 barrels of crude oil daily.

Although not all of the plants are currently operational, the report stated that the functional ones were increasingly finding it difficult to purchase crude due to the foreign exchange crisis in the country.

The facilities, which produce Automotive Gas Oil, popularly called diesel, Dual Purpose Kerosene or kerosene, naphtha and black oil, were finding it hard to make the refined products available to oil marketers for distribution to consumers.

Operators of the plants explained that the scarcity of dollars had made it almost impossible for dealers to purchase crude oil, as the modular refinery players and oil marketers demanded the sale of crude oil in naira from the Federal Government.

The modular refinery operators, who spoke under the aegis of the Crude Oil Refinery Owners Association of Nigeria, lamented at the time that the Federal Government had not been able to keep its part of the bargain concerning the provision of feedstock to local crude oil refiners.

The Publicity Secretary, Crude Oil Refinery Owners Association of Nigeria, Eche Idoko, had stated that modular refineries might close shop if nothing was done to ameliorate the situation.

Madukwe B. Nwabuisi
Madukwe Nwabuisi

Madukwe B. Nwabuisi is an accomplished journalist renown for his fearless reporting style and extensive expertise in the field. He is an investigative journalist, who has established himself as a kamikaze reporter.

Tags: CrudeRefineries

Related Posts

"That we remain one country at 65 calls for celebration" - Gbenga Daniel Celebrates Nigeria's 65 Years of Unity Despite Civil War, Democratic Struggles
National

“That we remain one country at 65 calls for celebration” – Gbenga Daniel Celebrates Nigeria’s 65 Years of Unity Despite Civil War, Democratic Struggles

October 1, 2025
Nigeria's Diversity Remains Our Greatest Resource at 65 - Seunmanuel Faleye
News Bite

Nigeria’s Diversity Remains Our Greatest Resource at 65 – Seunmanuel Faleye

October 1, 2025
President Bola Tinubu
Politics

Nigeria At 65: We Have Made Tremendous Progress As A Nation Since 1960 – Tinubu

October 1, 2025
Atawewe Celebrates Nigeria @ 65, Commends Tinubu, Hints at New Afro-Fuji Collaboration
Entertainment

Atawewe Celebrates Nigeria @ 65, Commends Tinubu, Hints at New Afro-Fuji Collaboration

October 1, 2025
Nigeria at 65: Lagos Post Online Salutes a Nation of Resilience and Hope
Press Release

Nigeria at 65: Lagos Post Online Salutes a Nation of Resilience and Hope

October 1, 2025
Rufai Khalifah
Politics

Northwest’s Consensus Candidate: Rufai Khalifah’s Bid For NYCN Presidency Gains Momentum

October 1, 2025
No Result
View All Result

Recent Posts

  • Nigeria is 65: Shall We Still Salute the Nation?
  • “That we remain one country at 65 calls for celebration” – Gbenga Daniel Celebrates Nigeria’s 65 Years of Unity Despite Civil War, Democratic Struggles
  • Nigeria’s Diversity Remains Our Greatest Resource at 65 – Seunmanuel Faleye
  • Nigeria At 65: We Have Made Tremendous Progress As A Nation Since 1960 – Tinubu
  • “Disengaged Staff Will Be Redeployed To Other Companies Within Dangote Group” – FG Confirms End Of PENGASSAN/ Dangote Rift

Recent Comments

    Apples Bite International Magazine

    Apples Bite Magazine is your premier destination for updates in business, daily news, and entertainment. At Apples Bite, we serve insightful stories and in-depth analysis, curated to empower professionals, entrepreneurs, and forward-thinking individuals who thrive on staying ahead of the curve.

    © 2025. All Rights Reserved. ApplesBite International Magazine. Designed by DeedsTech.

    No Result
    View All Result
    • News Bite
      • Politics
      • International
      • National
      • Show Biz
      • Events
      • Security
      • Sports
      • Press Release
    • Lifestyle Bite
      • Fitness
      • Nutrition
      • Personal Growth
      • Travel
    • Health Bite
      • Doctor’s Diagnosis
    • Brand & Business Bite
      • Energy
    • Fashion Bite
    • Opinion Bite
      • Featured Story
      • Fiction & Poetry
      • Career
      • Teachings
      • ABM Staff Blog
      • ABM True Stories
      • Research
      • Tech
    • More
      • Latest Magazine Issue
      • Leadership 360°
      • Religion
      • Education
      • Law
      • Metro
      • Romance
        • Love
        • Sex and Relationship
        • ABM TV
        • Interviews
        • Movies
        • Red Carpets
    • Contact Us

    © 2025. All Rights Reserved. ApplesBite International Magazine. Designed by DeedsTech.