{"id":3309,"date":"2024-11-12T16:34:59","date_gmt":"2024-11-12T16:34:59","guid":{"rendered":"https:\/\/panoramanews.com.ng\/?p=3309"},"modified":"2024-11-12T16:34:59","modified_gmt":"2024-11-12T16:34:59","slug":"no-more-fuel-importation-as-nnpc-partners-dangote-refinery","status":"publish","type":"post","link":"https:\/\/panoramanews.com.ng\/index.php\/2024\/11\/12\/no-more-fuel-importation-as-nnpc-partners-dangote-refinery\/","title":{"rendered":"No more fuel importation as NNPC partners Dangote refinery"},"content":{"rendered":"

\"\"<\/p>\n

By Publisher<\/p>\n

Kindly share:<\/p>\n

The Nigerian National Petroleum Company Limited, NNPCL, has announced an end to its long-standing practice of fuel importation.<\/p>\n

The Independent Petroleum Marketers Association of Nigeria, IPMAN, had earlier announced its decision to start buying products directly from the Dangote Refinery.<\/p>\n

However, in his keynote address at the 42nd annual international conference and exhibition of the Nigerian Association of Petroleum Explorationists, NAPE, in Lagos, Mele Kyari, the Group Chief Executive Officer of NNPCL, unveiled the latest development.<\/p>\n

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.<\/p>\n

\u201cOil 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.<\/p>\n

\u201cSo, it\u2019s a well informed business decision. Therefore, from day one, we knew that it was to our benefit to supply crude oil to domestic refineries.<\/p>\n

\u201cSo, we don\u2019t need to be persuaded. We don\u2019t 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.<\/p><\/div>\n

\n\u201cAnd 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.\u201d<\/p>\n<\/div>\n
According to Kyari,\u00a0 pricing issues are being addressed in\u00a0collaboration with the Federal Government due to address\u00a0 the sourcing all feedstock supplies from the domestic market.<\/p>\n

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

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.<\/p>\n

However, he explained that the company does not have to incur losses\u00a0 of product value because of selling crude to local refineries in naira, stressing that what it means is to\u00a0remove the foreign exchange gap, and thereby strengthen the local currency and boost the country\u2019s economy.<\/p>\n

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\u00a0all subsidies.<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

By Publisher Kindly share: The Nigerian National Petroleum Company Limited, NNPCL, has announced an end to its long-standing practice of…<\/p>\n","protected":false},"author":1,"featured_media":3310,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,2],"tags":[366,359],"class_list":["post-3309","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-economy","category-news","tag-dangote-petroleum-refinery-limited","tag-nigerian-national-petroleum-company-nnpc-limited"],"yoast_head":"\nNo more fuel importation as NNPC partners Dangote refinery - Panorama News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/panoramanews.com.ng\/index.php\/2024\/11\/12\/no-more-fuel-importation-as-nnpc-partners-dangote-refinery\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"No more fuel importation as NNPC partners Dangote refinery - 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