The Nigerian National Petroleum Company Limited (NNPC Ltd.) has dismissed reports suggesting that it unilaterally terminated its crude oil sales agreement with Dangote Refinery, clarifying that the contract was a six-month arrangement set to expire at the end of March 2025.
In a statement issued on March 10, 2025, by Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd. confirmed that discussions are ongoing to establish a new contract once the current agreement expires.
“The contract for the sale of crude oil in Naira was structured as a six-month agreement, subject to availability, and expires at the end of March 2025. Discussions are currently ongoing towards emplacing a new contract,” the statement read.
READ ALSO: Dangote, NNPCL Price War Favourable to Nigerians — Economist
Providing further details, NNPC Ltd. disclosed that it has supplied over 48 million barrels of crude oil to Dangote Refinery since October 2024, bringing the total crude supplied to the refinery since its operational commencement in 2023 to over 84 million barrels.
NNPC Ltd. reaffirmed its commitment to supplying crude oil for local refining, emphasizing that all agreements are based on mutually agreed terms and conditions.
This clarification follows widespread speculation on social media regarding the future of crude supply arrangements between the state-owned oil firm and the privately owned Dangote Refinery.