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NNPCL Not Sabotaging Domestic Refineries — Kyari
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, NNPCL, Mele Kyari, has dismissed the claims that the NNPCL is working against the prosperity of local refineries.
Kyari made this clarification on Monday in Lagos while outlining the vision for Nigeria’s energy future at the opening ceremony of the 42nd Nigeria Association of Petroleum Explorationists, NAPE, Annual International Conference and Exhibition with the theme, “Resolving the Nigeria Energy Trilemma: Energy Security, Sustainable Growth and Affordability.”
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The clarification comes from recent controversies between oil marketers and the Dangote Refinery.
However, Kyari, the Special Guest of honour at Monday’s event, refuted claims that NNPC Ltd. was sabotaging the efforts of domestic refineries.
He stated that NNPC Ltd. was part-owners of the Dangote Refinery, stressing that such an investment is a strategic move aimed at strengthening domestic fuel supply.
Dangote had revealed that the NNPCL was originally meant to take a 20% stake in the refinery, but that has now been reduced to 7.2%.
According to him, the NNPC had initially agreed to a deal worth $2.79 billion, which included an upfront payment of $1 billion.
However, after renegotiating the terms, the corporation decided to reduce its equity share.
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Kyari also said that the NNPCL has stopped importing refined petroleum products and is now offtaking fuel from the Dangote Petroleum Refinery and other local refineries.
“Today, NNPC does not import any product; we are taking only from domestic refineries,” he revealed.
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