Dangote refinery has reacted to report by the Nigerian National Petroleum Company Limited (NNPCL) that a a $1 billion loan backed by its crude was secured to support the refinery during liquidity challenges.
In a report signed by Anthony Chiejinak, its Group Chief Branding and Communications Officer, the refinery clarified that the report is a misrepresentation of the situation as $1bn is just about 5% of the investment that went into building the Dangote Refinery.
According to the refinery, its decision to enter into a partnership with NNPCL was based on recognition of their strategic position in the industry as the largest off taker of Nigerian crude and at the time, the sole supplier of gasoline into Nigeria.
The statement added that a 12-month period was subsequently given to the state oil company buy pay cash for the balance of their equity given their inability to supply the agreed crude oil volume but NNPCL failed to meet this deadline which expired on June 30th 2024, hence, their equity share was revised down to 7.24%.
TimesNow.com.ng reported that the Dangote Refinery and Neptune Oil have announced their maiden petrol export to Cameroon, representing a significant step in regional energy integration and collaboration.
The firms described the shipment as a strategic collaboration to strengthen economic ties between the two countries while addressing rising energy demands in the region.
The two firms are exploring further plans to establish a reliable supply chain, stabilise fuel prices, and create new economic opportunities in the region.
Source: TimesNow.com.ng
