The Nigerian National Petroleum Company Limited (NNPCL) has revealed that the Federal Government through the company secured one billion US Dollars backed by crude oil to support the Dangote group of companies, which is expected to produce 650,000 barrels of petroleum product per day. NNPC’s Head of Corporate Communications, Olufemi Soneye, made the disclosure during his remarks at the Energy Relations Stakeholder Engagement in Abuja.
Highlighting the achievements of the apex national oil company under the leadership of Mallam Mele Kyari, Sonoye said: “Permit me to digress a bit!
He said, “The restart of the Port Harcourt Refinery marks a significant turning point in Nigeria’s quest for energy self-sufficiency, reaffirming the company’s commitment to revitalizing the nation’s refining capacity.
“NNPC has also championed the adoption of Compressed Natural Gas (CNG) as an alternative energy source, offering Nigerians a cleaner and more cost-effective solution amidst rising global energy costs.
“A strategic decision to secure a $1bn loan backed by NNPC’s crude was instrumental in supporting the Dangote Refinery during liquidity challenges, paving the way for the establishment of Nigeria’s first private refinery. This initiative underscores NNPC’s dedication to fostering public-private partnerships that drive national development.
Some Nigerians who applauded the move said it clears the negative impression that Federal Government is sabotaging the private firm, so that NNPC and other stakeholders in the petroleum industry will monopolize the sector.
They expressed optimism that in no distance time as soon as Dangote petroleum industry commence refinery in full capacity, competition of producing refined products will set in and price of petroleum product will reduce, which will reflect a positive living standard of every Nigerian.
