No more fuel importation as NNPC partners Dangote refinery

Kyari reiterated that NNPC is a proud co-owner of the Dangote Refinery, noting that the the $20 billion refinery is a major market for about 300,000 barrels per day of its production, which would help to manage the challenges of a dwindling crude oil market.

“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,” Kyari said.

“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.

“And therefore, I believe strongly also that we must process all the crude that we produce in the country up to the optimum. And we will do everything possible to make sure that we domesticate this. And today, NNPC does not import any product. We are taking wholly from the domestic refinery.”

According to Kyari,  pricing issues are being addressed in collaboration with the Federal Government due to address  the sourcing all feedstock supplies from the domestic market.

Furthermore, he dismissed claims that the NNPCL is not willing to sell crude to domestic refineries in naira, describing such insinuations as a sabotage.

Kyari told oil producers to be mindful of the fact that the domestic crude oil obligation applies to both NNPCL and them, hence they must also supply crude to the four NNPC refineries as soon as they resume production.

However, he explained that the company does not have to incur losses  of product value because of selling crude to local refineries in naira, stressing that what it means is to remove the foreign exchange gap, and thereby strengthen the local currency and boost the country’s economy.

Kyari also disclosed that the NNPCL has successfully settled its long-standing cash-call debt to International Oil Companies operating in Nigeria, amounting to $2.4 billion, making the company debt-free because of the complete removal of all subsidies.