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We Backed Dangote Refinery Establishment With $1bn Loan – NNPCL

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12 hours ago

Dec 17, 2024.

The Nigerian National Petroleum Company Limited (NNPCL) has announced securing a $1bn crude-backed loan to facilitate the operations of the 650,000 barrels-per-day Dangote Petroleum Refinery and address liquidity challenges.

Chief Corporate Communications Officer, Olufemi Soneye, revealed this during the Energy Relations Stakeholders Engagement in Abuja on Monday.

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EKO HOT BLOG reports that Soneye highlighted that under the leadership of Mele Kyari, NNPCL has achieved significant milestones in redefining Nigeria’s oil and gas industry.

“Under Kyari’s visionary leadership, NNPCL secured the $3bn Gazelle loan, a critical intervention during the federation’s foreign exchange crisis,” he said.

He added that the Gazelle loan, along with a $3.3bn crude oil prepayment facility arranged in partnership with Afreximbank in January 2024, demonstrates the company’s proactive approach to stabilizing the economy. The $3.3bn facility was noted as one of Africa’s largest syndicated crude-backed loans.

Speaking on other projects, Soneye emphasized the restart of the Port Harcourt Refining Company as a major step toward achieving energy self-sufficiency in Nigeria. He also highlighted NNPCL’s promotion of Compressed Natural Gas (CNG) as a cleaner, cost-effective energy alternative amid rising global energy costs.

The company’s financial performance also came under the spotlight. Soneye noted that NNPCL declared profits for the first time in decades and has already surpassed its 2024 profit projections, attributing this success to transformative reforms.

The stakeholders’ meeting reinforced NNPCL’s commitment to collaboration, innovation, and sustainability. Soneye reiterated the company’s resolve to drive excellence across the energy value chain, ensure energy security, and support economic growth.

“Together, we stand at the forefront of a transformative era in the global energy landscape, where collaboration and sustainability are key to success,” he concluded.