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NNPC partners Dangote Refinery to become fuel exporter

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  • To publish oil contracts’ list.

The Nigeria National Petroleum Company (NNPC) is set to partner with Dangote Refinery to turn the oil-producing country into a fuel supplier.

This was revealed by the state-owned oil company’s Group Managing Director (GMD), Mallam Mele Kyari in an interview with Reuters.

The NNPC boss shared that part of his new administration’s blueprint was to ink a contract with the Dangote refinery in order to transform the corporation into a world-class state oil company.

Kyari, who also intends to push for more transparency, said NNPC wants to be a “supplier of first resort” for the Dangote refinery. “Ultimately, it will be a contract to supply crude,” he said.

The GMD also shared that in continuous fulfillment of his administration’s transparency agenda, the corporation would publish the full list of those holding the nation’s crude oil contracts and the firms who won deals to swap Nigeria’s crude oil for products, along with audited accounts of NNPC’s books.

“We are going to do everything possible to make that open, the businesses open, so that people can actually predict what we’re going to do next,” Kyari said, adding that this would help to attract investment.

NNPC is also pressing ahead with plans to revamp its own ailing refineries – despite a nameplate capacity at Dangote refinery that is well above Nigeria’s consumption.

According to Reuters, Italy’s Maire Tecnimont is already working on the Port Harcourt plant, and Italian refiner ENI is an adviser. The refineries have processed oil only sporadically for years, leaving the nation to import virtually all its own fuel needs.

Source Reuters
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