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DANGOTE REFINERY
The management of Dangote Refinery has reaffirmed its stance that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is not upholding the Petroleum Industry Act (PIA) regarding the domestic supply of crude oil to local refineries.
The Dangote Refinery reiterated that they are still unable to secure their full crude requirement from domestic production and urged the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) to enforce the domestic supply obligation as mandated by the Petroleum Industry Act (PIA).
Dangote Oil Refining Company (DORC) plans to divest a 12.75% stake in its refinery to new investors after the Nigerian National Petroleum Corporation (NNPC) Limited withdrew from fulfilling its obligations for a 20% acquisition of the refinery.
The Crude Oil Refinery-owners Association of Nigeria (CORAN) has said that none of their members have begun receiving the sales of crude oil in the local currency, naira.
A coalition of Civil Society Organizations (CSO) at the weekend said it would set up a situation room to monitor the compliance of the Nigeria National Petroleum Corporation Limited (NNPCL) to the presidential directive to sell crude oil to Dangote Refinery in Naira currency.
The Minister of Budget and Economic Planning, Atiku Bagudu, has outlined the necessity for Nigeria to ramp up its oil production to nearly 4 million barrels per day (bdp) to address the country’s economic challenges.
Students across tertiary institutions in the country under the aegis of National Association of Nigerian Students (NANS) have passed a vote of confidence on the Dangote Refinery describing the recent demarketing of the world’s largest single train refinery by the Nigeria National Petroleum Corporation Limited (NNPCL) as the greatest disservice to the nation’s economy.
The Federal Government of Nigeria has listed some of the benefits of selling Crude oil to Dangote refinery and other local refineries in naira rather than in foreign currency, notably the greenback.
Zach Adedeji, announced that the federal government will reduce monthly spending on petrol imports by a staggering $610 million by transacting with the Dangote refinery and other local refineries in naira.
The National Oil Company of Libya, also known as NOC, has denied holding negotiations to supply crude oil to any local refinery in Nigeria.
The report, published on Friday, claimed that technical problems had led the refinery to resell crude oil from the United States and Nigeria.
The Chief Executive Officer (CEO) of Dangote Refinery, Aliko Dangote, has revealed that his company secured a total of $2.7 billion in loans from the Central Bank between 2013 to 2023 to finance the refinery.