Dangote refinery largest surface tank of 120,000,000 capacity for crude
A strategic memo sighted by Business Hilights over the weekend has revealed that Dangote Refinery has received from NNPCL, crude oil worth about N486.31bn under the Naira-for-deal between October and December 2024.
It would be recalled that on October 1, 2024, the Federal Government compelled the NNPCL to commence the sale of crude oil in naira to local refineries to improve supply, save the country millions of dollars in petroleum product imports, and ultimately reduce the pump prices of refined products.
An explanation from the NNPCL Chief Corporate Communications Officer, Olufemi Soneye, averred that the initial deal was for six months which will lapse on March 31st.
According to him, under the deal initiated in October 2024, the 650,000-capacity refinery has received 48 million barrels to refine for petroleum products, while a total of 84 million barrels has been supplied to the refinery since it commenced operations in 2023.
At the height of fears of a possible pullout of NNPCL from the crude sales in naira, the Chairman of the Technical Sub-Committee on the naira-for-crude deal, Zacch Adedeji, reaffirmed the government’s stance, emphasising that the termination of the contract was never a consideration.
Meanwhile, the Technical Sub-Committee on the Naira-for-Crude Policy met on Thursday last week at the Ministry of Finance Headquarters in Abuja to assess developments and reaffirm commitments to the policy framework, thus, giving a clear indication that the policy will be renewed on expiration of the existing one come March 31st.
