NNPC Secure $1Bn Loan To Support Dangote Refinery
Olufemi Soneye, the chief corporate communications officer of Nigerian National Petroleum Company Limited (NNPC Ltd) on Monday disclosed that the company secured a $1 billion loan backed by crude to support the Dangote Refinery during liquidity challenges.
Soneye who addressed energy relations stakeholder engagement in Abuja, explained that the initiative underscores NNPC’s dedication to fostering public-private partnerships that drive national development and paved the way for the establishment of Nigeria’s first private refinery.
He noted that under the leadership of Mele Kyari, Group Chief Executive Officer, NNPC Ltd, the company has achieved several notable milestones, including the successful restart of the Port Harcourt Refinery, pioneering the adoption of Compressed Natural Gas (CNG), and reporting its first profit in decades, amongst others.
“In a historic achievement, NNPC, under Kyari’s leadership, declared profit for the first time in decades, marking a significant financial turnaround. NNPC Ltd has achieved groundbreaking milestones, redefining the trajectory of Nigeria’s oil and gas sector,” he said.
He added that the restart of the Port Harcourt Refinery marks a significant turning point in Nigeria’s quest for energy self-sufficiency, reaffirming the company’s commitment to revitalizing the nation’s refining capacity.
“NNPC has also championed the adoption of Compressed Natural Gas (CNG) as an alternative energy source, offering Nigerians a cleaner and more cost-effective solution amidst rising global energy costs.
“A strategic decision to secure a $1 billion loan backed by NNPC’s crude was instrumental in supporting the Dangote Refinery during liquidity challenges, paving the way for the establishment of Nigeria’s first private refinery.
“This initiative underscores NNPC’s dedication to fostering public-private partnerships that drive national development,” Soneye said.
Speaking further he said the company has already exceeded its profit projections for 2024.
Additionally, he said Mr Kyari facilitated the $3 billion Gazelle loan, a critical intervention that helped stabilise the federation during a challenging foreign exchange crisis.
Soneye assured that the company will continue to strengthen Nigeria’s energy sector while solidifying its legacy as a transformative force and a global game-changer.
He noted that energy relations are the backbone of NNPC Ltd’s operations and strategic aspirations as an integrated energy company.
“In a rapidly evolving global energy landscape, fostering strong relationships with stakeholders across the value chain is not just a priority but a necessity for achieving our objectives and ensuring energy for today and tomorrow,” he said.
