URBANEXPRESSLIVEURBANEXPRESSLIVEURBANEXPRESSLIVE
  • Home
  • Politics
    Politics
    “Followers who tell the truth, and leaders who listen to it, are an unbeatable combination.”— Warren Bennis
    Show More
    Top News
    Edo Election: How Absence of Female Figure In APC Campaign  Attract Questions
    August 29, 2024
    ”You’ve Lost Touch With Realities, CUPP Tells President Tinubu
    September 12, 2024
    Edo Guber: Your Neutrality is Needed-Jonathan Appeal to INEC, Security-Personnel
    September 20, 2024
    Latest News
    It may be of Significance retaining His Lagacy’-Oshiomhole Advises Jonathan Over Speculative 2027 Ambition
    October 6, 2025
    He Never Complained of Inheriting Challenges- UN Deputy Sec Gen, Amina Mohammed, On Tinubu
    October 5, 2025
    Not Quicksand, We’re Building Nigeria’s Economy On Concrete-Tinubu
    October 1, 2025
    While Bandits Take Over Kwara, Onanuga is Busy Attacking Jonathan-Rufai Oseni
    September 30, 2025
  • Entertainment
  • Urban & Rural Lifestyle
  • Column
  • Environment
  • Urban Sports
  • Crime Lence
  • More Links
    • About Us
    • Contact us
    • Advertise
Search
  • Advertise
© 2024 Urbanexpresslive. All Rights Reserved.
Reading: We’ve Stopped Importation of Petroleum Says NNPC, Partners Dangote Refinery
Share
Notification Show More
Font ResizerAa
URBANEXPRESSLIVEURBANEXPRESSLIVE
Font ResizerAa
  • Home
  • Politics
  • Entertainment
  • Urban & Rural Lifestyle
  • Column
  • Environment
  • Urban Sports
  • Crime Lence
  • More Links
Search
  • Home
  • Politics
  • Entertainment
  • Urban & Rural Lifestyle
  • Column
  • Environment
  • Urban Sports
  • Crime Lence
  • More Links
    • About Us
    • Contact us
    • Advertise
Follow US
  • Advertise
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
URBANEXPRESSLIVE > web-Page > Business > We’ve Stopped Importation of Petroleum Says NNPC, Partners Dangote Refinery
Business

We’ve Stopped Importation of Petroleum Says NNPC, Partners Dangote Refinery

urbanexpresslive
Last updated: November 12, 2024 12:14 pm
urbanexpresslive
Share
4 Min Read
SHARE

Tiwo Popoola

After years of heavy importation of petroleum products, the Nigerian National Petroleum Company Limited, NNPC, announced on Monday that it has finally put an end to the long-standing practice.

This comes after the Independent Petroleum Marketers Association of Nigeria, IPMAN, had earlier announced its plans to Purchase Products Directly From the $20 Billion Dangote Facility

Mele Kyari, the Group Chief Executive Officer of NNPC, made this announcement in Lagos during his keynote address at the 42nd annual international conference and exhibition of the Nigerian Association of Petroleum Explorationists, NAPE.

Kyari emphasized NNPC’s role as a proud co-owner of the Dangote Refinery, noting that the company recognized the $20 billion refinery as a significant market for at least 300,000 barrels per day of its production, helping to navigate the challenges of a shrinking 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.

“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”, Kyari stated.

He also revealed that NNPC has ceased importing refined petroleum products, aligning with the company’s commitment to support local processing of all crude produced in Nigeria.

Kyari stated: “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.”

He mentioned that the company is collaborating with the federal government to address pricing issues, which arise from sourcing all feedstock supplies from the domestic market.

Kyari further stressed the implications of the pressure on Nigerian oil producers to supply crude to local refineries and in naira.

He noted that Nigerian crude is a premium type that commands a premium price.

In the global market, he explained that refiners buy Nigerian crude to blend with their heavier crudes for processing.

He added that only a few refineries are willing to process Nigerian crude directly due to its high cost and premium nature.

Kyari also dismissed claims circulating that the NNPC is unwilling to sell crude to domestic refineries in naira, labeling such assertions as sabotage.

He reminded other oil producers that the domestic crude oil obligation applies to both NNPC and them, emphasizing that they must supply crude to the four NNPC refineries once they resume production.

Kyari clarified that selling crude to local refineries in naira does not equate to a loss of product value; rather, it simply removes the foreign exchange gap, which will help strengthen the local currency and boost the country’s economy.

Additionally, he revealed that NNPC has successfully settled its long-standing cash-call debt of $2.4 billion owed to International Oil Companies operating in Nigeria.

He confirmed that the company is now free of any outstanding debts, highlighting that this significant achievement was accomplished after all subsidies were completely eliminated.

You Might Also Like

Ameachi Accuses Current INEC Chairman of Baise, says ‘’ He Won’t Register New Political Party As His Predecessor

How Moody’s Upgrade Ecobank Ratings Outlook to Stable

What CBN Governor Tells Nigeria Bank CEOs Regarding Way forward

Tariff For Nigerians Get High As DSTV, Gotv  Hike Subscription

Deutsche Bank Awards Ecobank Nigeria with Client Excellence Award

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
[mc4wp_form]
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share This Article
Facebook Twitter Copy Link Print
Share
Previous Article How Extortion, Kidnapping of Farmers Aggravated Insecurity In Nigeria-AFAN
Next Article Commissioner of Police Clarifies Bomb Explosion Rumor in Jos, Says Live & Prosperities Intact
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

235.3kFollowersLike
69.1kFollowersFollow
11.6kFollowersPin
56.4kFollowersFollow
136kSubscribersSubscribe
4.4kFollowersFollow
- Advertisement -
Ad imageAd image

Latest News

What Steven Gerrard Regarding Best England Best Two midfielders
Urban Sports October 9, 2025
2026 WCQ: Sales of Tickets Begin in Lesotho As Preparation For Super Eagles Begins
Uncategorized October 8, 2025
EPL:  They’ll Defeat Them-Paul Scholes Predicts Winner of Liverpool Vs Man Utd
Urban Sports October 8, 2025
Why Eagles Can Still Secure 2026 World Cup Ticket-Mikel
Urban Sports October 8, 2025
Executive Master of Transport Management
//

UrbanExpressNews is Nigeria Most Reliable Online News, With Quality Pedigree of Writers made available on the online space.

Download Our App

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

info@urbanexpresslive.com

 

Follow US
© 2024 Urbanexpresslive. All Rights Reserved.
Welcome Back!

Sign in to your account