NNPCL announces 20% stake in Dangote Refinery

The organisation had asked to know how long such was going to continue; saying “Oil swaps are wastages compared to self-oil refining.”

The Nigeria National Petroleum Company Limited, NNPC, has said that it has purchased a 20% stake in the Dangote Refinery and Petrochemicals. The organisation had asked to know how long such was going to continue; saying “Oil swaps are wastages compared to self-oil refining.”

However, the Group Chief Executive Officer of Nigeria National Petroleum Company Limited, NNPCL, Mele Kyari while delivering his Industry address at the ceremony on Monday, at the Lekki free trade zone in Lagos, noted that NNPC has 20 per cent stake in the Dangote Refinery and Petrochemicals.

According to the statement posted on the company’s verified Twitter handle, he explained that as part of the significant project, NNPC Limited is permitted to operate in advance in line with international best practice, recognising the importance of protecting the environment.

He said; “The Dangote Refinery with the new deal that we have been building, supported by the enabling Petroleum Industry Act, will surely provide domestic security of supply in our country. The lingering challenges of petroleum subsidies are clearly getting out of the capacity.

“NNPC will continue to support investment in domestic refining to satisfy the growing demands for refined petroleum products in both local and regional markets as against simply exporting unprocessed crude to diminishing markets, overseas,” the statement added.

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