The Nigerian National Petroleum Company Limited, NNPC, announced that it has finally put an end to the long-standing practice.
This comes after the Independent Petroleum Marketers Association of Nigeria, IPMAN, had earlier announced its plans to purchase products directly from the $20 billion Dangote facility.
The Group Chief Executive Officer of NNPC, Mele Kyari stated this in Lagos during his keynote address at the 42nd annual international conference and exhibition of the Nigerian Association of Petroleum Explorationists, NAPE.
Kyari stressed NNPC’s role as a proud co-owner of the Dangote Refinery, noting that the company recognized the $20 billion refinery as a significant market for at least 300,000 barrels per day of its production, helping to navigate the challenges of a shrinking crude oil market.
He said:
“Oil is found in very many unexpected locations across the world and people have choices.
And therefore, we saw an opportunity to now supply to not just Dangote, but every refinery that operates in the country.
“So, it’s a WELL-INFORMED business decision.
Therefore, from day one, we knew that it was to our benefit to supply crude oil to domestic refineries.
“So, we don’t need to be persuaded.
We don’t need anyone to talk to us.
There is no need for any pressure from the streets for us to do this.
We are already doing this.”
