Aliko Dangote, the Chief Executive Officer of Dangote Refinery, has disclosed that the Nigerian National Petroleum Corporation (NNPC) now only holds a 7.2% stake in the refinery, down from the initial 20%.
According to Dangote, NNPC was supposed to pay their balance in June, but they have not fulfilled their obligations, resulting in the reduced stake.
During a one-day training program organized by the Dangote Group, Devakumar Edwin, the Vice President of Oil and Gas at Dangote Industries Limited, accused International Oil Companies in Nigeria of attempting to impede the success of the new Dangote Oil Refinery and Petrochemicals.
Edwin also accused the Nigerian Midstream and Downstream Petroleum Regulatory Authority of indiscriminately granting licenses to importers to bring in substandard refined products into the country.
Edwin further mentioned that the Nigerian Upstream Petroleum Regulatory Commission was making efforts to allocate crude oil for the 650,000-capacity refinery, but International Oil Companies were intentionally inflating the cost of local crude, compelling the refinery to import crude from distant countries like the United States at higher costs.
The Federal Government and crude oil producers in Nigeria have expressed their commitment to ensuring a sustainable supply of crude oil to local refineries at market-determined pricing.
To achieve this, the Nigeria Upstream Petroleum Regulatory Commission has instructed oil refiners in the country to provide monthly price quotes on crude supply.
According to a Bloomberg report, the Dangote refinery is set to import a cargo of Brazilian crude, adding to the significant amount of overseas crude feedstock being imported by the Nigerian firm.
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