JUST IN: NNPC agrees to supply Dangote crude oil for 20 years.

NNPC has struck a deal to supply, Aliko Dangote's refinery crude oil for twenty(20) years The deal NNPC believes will help Nigeria's oil stays relevant as countries transition to clean energy NNPC is also hoping the mouthwatering deal will help Nigeria ends petrol importation.
The Nigerian National Petroleum Company Limited has reached an agreement with Dangote Refinery to supply crude oil for 20 years. DailyTrust reports that the agreement gives NNPC the first right-of-first-refusal to sell to Dangote.https://drive.google.com/uc?export=view&id=1V07RPH9FFKfwfPfcorKprmE6qDoWG6iw

NNPC believes the agreement will guarantee Nigeria's oil stays relevant as countries transition to clean energy.
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, said this on Tuesday in Abuja, PremuimTimes reports.
He said “NNPC owns 20 per cent equity in the Dangote Refinery and has a first right of refusal to supply crude oil to the plant. But we saw this energy transition challenge coming. “And that means we have locked down the ability to sell crude oil for 33,000 barrels minimum by right for the next 20 years and by right also we have access to 20 per cent of the production from that plant."
Kyari also said the Dangote Refinery will begin producing by the middle of next year and it can produce up to 50 million litres of petrol. He added: "The combination of that plus our ability to reopen our refinery will result in no petroleum product imports into this country next year." "There would be no imports into this nation next year." "This is quite useful. When we finish our refineries and the Dangote plant, there will be additional little projects, such as the construction of tiny modular condensate refineries. If that happens, which we are extremely certain will happen, this country will become a net exporter."
It will serve as a center for the export of petroleum products outside the West African sub-region." This will occur. By the middle of next year, the supply flow will have changed. By the middle of next year, you will not require the importation of petroleum products into our nation." Petroleum minister reveals Buhari's position on the removal of petrol subsidy Earlier, Legit.ng reported that the minister of state for petroleum, Sylva, reacted to reports of President Buhari's plan to remove the subsidy on petrol.
Sylva during this week’s edition of Channels Television’s Newsnight revealed that Buhari is not in support of the removal of subsidy on petrol at this time. According to him, the complete removal of subsidy is not on the federal government's plate, saying they plan to complete consultations before coming out with a clear policy direction on the matter.


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