The Digest: The Nigerian National Petroleum Company Limited (NNPC) and the Dangote Petroleum Refinery have signed a new two-year crude supply agreement to ensure steady feedstock for the 650,000-barrel-per-day facility in Lagos.
Key Points:
- The NNPC and Dangote Refinery have signed a new two-year crude supply agreement.
- The deal, signed in August, will ensure steady feedstock for the 650,000-barrel-per-day facility.
- A total of 82 million barrels have been allocated to the refinery from October 2024 to date.
- 60% of this volume (49.3 million barrels) was supplied in Naira under the government's initiative.
- The new Sales and Purchase Agreement is set to terminate in 2027.
- The deal aims to ensure an uninterrupted supply of refined petroleum products in the domestic market.
- Oil marketers have welcomed the agreement, stating it will bring stability and energy security.
