Naira Crude Contract: NNPC Ltd discussing new contract with Dangote Refinery

The Nigerian National Petroleum Company Limited (NNPCL) says it has ongoing discussions with Dangote Refinery towards reaching a new contract.
Chief Corporate Communications Officer of NNPC Ltd, Mr. Olufemi Soneye, who disclosed this in a statement on Monday, said the contract for the sale of crude oil in Naira was structured as a six-month agreement, subject to availability, and expires at the end of March 2025.
Soneye was responding to recent reports circulating on social media regarding the alleged unilateral termination of the crude oil sales agreement in Naira between NNPC and Dangote Refinery.
According to him, “the contract for the sale of crude oil in Naira was structured as a six-month agreement, subject to availability, and expires at the end of March 2025. Discussions are currently ongoing towards emplacing a new contract”.
The NNPC Ltd spokesperson disclosed that under this arrangement, NNPC has made over 48 million barrels of crude oil available to Dangote Refinery since October 2024.
“In aggregate, NNPC has made over 84 million barrels of crude oil available to the Refinery since its commencement of operations in 2023.
“NNPC Limited remains committed to supplying crude oil for local refining based on mutually agreed terms and conditions,” he said.