NNPC Update
NNPCL begins Sourcing Refined Petrol from Dangote Petroleum Refinery.
NNPCL begins sourcing refined petroleum from Dangote Petroleum Refinery.
The Nigerian National Petroleum Corporation Limited (NNPC) has begun lifting refined petrol from the Dangote Petroleum Refinery, initiating the scheduled distribution process.
This development follows the federal government’s announcement that the refinery would start gasoline distribution to NNPC on September 15, 2024.
The update came via a tweet from the Dangote Group on Sunday, which stated, “NNPC begins PMS lifting at the Dangote Petroleum Refinery,” along with images of tankers being filled at the refinery’s loading gantry.
Read Also: Dangote Refinery is set to launch its first petrol shipment today, September 3,
Before the lifting began, Femi Soneye, Chief Corporate Communications Officer of NNPC Ltd., revealed that at least 300 trucks were set to be at the loading gantry by day’s end in preparation for the loading on Sunday, September 15.
This milestone marks significant progress for the Dangote Petroleum Refinery and its crucial role in Nigeria’s petrol supply chain. The commencement of petrol distribution to NNPC represents a major improvement in the refinery’s operations and its impact on Nigeria’s energy sector.
Following months of anticipation, this milestone emphasizes the collaboration between the Dangote Refinery and NNPC, with another significant milestone expected in the next two weeks.
Read Also: Dangote Refinery’s price outlook sparks varied responses as petrol hits N1,000/liter.
On Friday, Finance Minister Mr. Wale Edun, represented by Dr. Zacch Adedeji of the Federal Inland Revenue Service (FIRS), announced the finalization of agreements for the sale of crude oil to local refineries in Naira, along with the procurement of petroleum products. This came after a meeting of the Technical Sub-Committee, signaling a new phase in Nigeria’s energy strategy.
Starting October 1, the Dangote Refinery is projected to receive 385,000 barrels per day (BPD) of crude oil from NNPC, with transactions for both crude oil and petroleum products to be conducted in Naira. All related regulatory costs, including those from the Nigerian Ports Authority (NPA) and Nigerian Maritime Administration and Safety Agency (NIMASA), will also be paid in Naira, promoting local currency use in the energy sector.
While the federal government has confirmed the crude supply agreement with the Dangote Refinery, details regarding crude pricing and the Naira exchange rate are still undisclosed, which will likely influence the agreement’s impact on the local market and Nigeria’s energy landscape.
