Nigeria’s state oil company has penned a fresh crude deal with the Dangote Petroleum Refinery that will extend its supplies for 2 years. Under terms of the deal negotiated in August, the Nigerian National Petroleum Co. will deliver 5 cargoes each in September and October, according to NNPC spokesman Andy Odeh, who was replying to questions sent by SMS.
He, however, kept mute about details surrounding how many cargoes will be provided to the refinery after October.
This brings the supply of crude to the 650,000-barrel-per-day refinery owned by Africa’s richest person, Aliko Dangote, to 82 million barrels since October 2024, with 60% being naira-denominated loads.
In 2024, Nigeria agreed to sell 445,000 barrels a day of crude to the Dangote refinery in naira to ease the pressure on the currency and stabilize domestic pump prices.
FG has said that the agreement is a pilot project that could be extended to other domestic refiners in the near future.
Folami David is a dynamic journalist who views the world through an analytical lens, translating complex narratives across multiple industries into compelling stories. With an insatiable appetite for information and a keen eye for emerging trends, Folami specializes in uncovering the interconnections between technology, business, culture, and society.
