The Nigerian National Petroleum Company (NNPC) Limited has refuted claims circulating on social media regarding the alleged unilateral termination of its crude oil sales agreement with Dangote Refinery.
The clarification comes amid concerns about crude oil supply and pricing in Nigeriaβs refining sector as the Dangote Refinery ramps up production.
In a statement issued on Monday, March 10, 2025, and signed by its Chief Corporate Communications Officer, Olufemi Soneye, NNPC clarified that the agreement was a six-month contract, subject to availability, and is set to expire at the end of March 2025.
βTo clarify, 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,β the statement read.
NNPC further disclosed that under the existing arrangement, over 48 million barrels of crude oil had been supplied to Dangote Refinery since October 2024. In total, more than 84 million barrels have been provided since the refinery commenced operations in 2023.
Reaffirming its commitment to local refining, NNPC assured stakeholders that it would continue to supply crude oil based on mutually agreed terms and conditions.
