The decision to secure a $1 billion loan, backed by crude from the Nigerian National Petroleum Company Limited (NNPCL), played a crucial role in supporting the Dangote Refinery during liquidity challenges, facilitating the establishment of Nigeria’s first private refinery.
This was disclosed by NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, during an Energy Relations Stakeholder Engagement event in Abuja.
Soneye emphasized that the initiative highlights NNPCL’s commitment to fostering public-private partnerships that promote national development. He credited the visionary leadership of NNPCL Group CEO Mele Kyari for driving transformative achievements in Nigeria’s oil and gas industry.
Among these milestones, Soneye noted the restart of the Port Harcourt Refinery, a significant step toward achieving energy self-sufficiency in Nigeria, showcasing the company’s dedication to revitalizing the nation’s refining capabilities.
Additionally, he highlighted NNPCL’s promotion of Compressed Natural Gas (CNG) as an alternative energy source, providing Nigerians with a cleaner and more affordable solution amid rising global energy costs.
He said “In a historic achievement, NNPC, under Kyari’s leadership, declared profit for the first time in decades, marking a significant financial turnaround. The company has already exceeded its profit projections for 2024, a testament to the transformative reforms it has implemented.
“Additionally, Kyari facilitated the $3 billion Gazelle loan, a critical intervention that helped stabilize the federation during a challenging foreign exchange crisis.
“As a responsible energy company, NNPC Ltd continues to strengthen Nigeria’s energy sector while solidifying its legacy as a transformative force and a global game-changer.
“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.