The Nigerian National Petroleum Company Limited
(NNPC) may commence supplying crude oil in naira to the Dangote Petroleum Refinery this week following the Nigerian government’s announcement that the naira-for-crude deal has begun.
The development comes as three more refineries are ready to begin petrol production.
The three refineries include the Aradel refinery in Rivers State, the Clairgold refinery and the Azikel refinery in Bayelsa State.
Also, the officials of the Dangote Refinery and owners of other local refineries confirmed on Sunday, October 6, 2024, that though the agreement for crude oil supply in naira has begun, the product is expected to reach Africa’s biggest refinery this week.
On Saturday, the Nigerian government disclosed that it had begun the sales of crude oil and other refined products in naira.
The Ministry of Finance, which disclosed this on social media, said the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced that the deal commenced on October 1, 2024.
Peoplesmind reports that officials at the 650,000bpd-capacity Dangote Refinery commended the government’s move and expressed optimism that the product would arrive at the facility this week.
Refinery owners and marketers happy over crude oil deal
Orange earlier reported that the Crude Oil Refinery Owners Association of Nigeria (CORAN) and the Petroleum Retail Outlet Owners Association of Nigeria
(PETROAN) welcomed the announcement that crude oil sales should commence in the local currency.
Sources said that while the product would be sold to Dangote in naira, the refinery would supply petrol and diesel equivalent to the domestic market in the local currency in return.
According to reports, three modular refineries are set to begin petrol production following the naira-for-crude oil deal.
Peoplesmind
