NNPCL Supported Establishment Of Dangote Refinery With $1bn Loan – Official
The Nigerian National Petroleum Company Limited (NNPC Ltd), has declared that it secured a $1bn loan backed by crude oil to support the coming on stream of the Dangote Petroleum Refinery.
The Company also said that it also facilitated the $3bn Gazelle loan as a critical intervention to help stabilise the federation’s foreign exchange crisis.
Mr Olufemi Soneye, Chief Corporate Communications Officer, of the NNPC Ltd, who stated these at the Energy Relations Stakeholders Engagement in Abuja on Monday, December 16, 2024, said the initiatives were a testimony to the NNPC Ltd’s dedication to driving national development partnerships.
Soneye said that with the leadership of Mr Mele Kyari, the NNPC Ltd has achieved groundbreaking milestones, redefining the trajectory of Nigeria’s oil and gas sector.
In the words of Soneye; “Under the visionary leadership of Mele Kyari, NNPC Ltd has achieved groundbreaking milestones, redefining the trajectory of Nigeria’s oil and gas sector.
“Additionally, Kyari facilitated the $3bn Gazelle loan, a critical intervention that helped stabilise the federation during a challenging foreign exchange crisis,” he said.
Commenting on the support for the 650,000 barrels per day capacity Dangote Refinery, the spokesperson of the NNPC Ltd said a strategic decision to secure a $1bn loan backed by NNPC’s crude was instrumental in supporting the Dangote refinery during liquidity challenges thereby paving the way for the establishment of Nigeria’s first private refinery.
He further said; “This initiative underscores NNPC’s dedication to fostering public-private partnerships that drive national development”.
Soneye particularly noted the restart of the Port Harcourt Refining Company, stressing that it remains a significant turning point in Nigeria’s quest for energy self-sufficiency.
He reaffirmed the company’s commitment to revitalizing the nation’s refining capacity, adding that NNPCL championed the adoption of Compressed Natural Gas as an alternative energy source to offer Nigerians a cleaner and more cost-effective solution amidst rising global energy costs.
Soneye said that the NNPC declared profit for the first time in decades, marking a significant financial turnaround, adding that the company had already exceeded its profit projections for 2024, a testament to the transformative reforms of the company.
The spokesperson pledged that as a responsible energy company, the NNPCL would continue to strengthen Nigeria’s energy sector while solidifying its legacy as a transformative force and a global game-changer.
Soneye also said that the NNPC Ltd recognized the roles the stakeholders play in shaping the future of energy in Nigeria and beyond, saying; “Together, we stand at the forefront of a transformative era in the global energy landscape, where collaboration, innovation, and sustainability are key to success”.
Soneye further said that energy relations are the backbone of the NNPC Ltd’s operations and strategic aspirations as an integrated energy company, stressing that the oil firm remain committed to fostering meaningful relationships, driving excellence, and delivering value across the energy value chain.
