The Nigerian National Petroleum Company Limited (NNPCL) has announced that it secured a $1 billion crude-backed loan to support the operational launch of the 650,000 barrels-per-day Dangote Petroleum Refinery.
This disclosure was made by the Chief Corporate Communications Officer, Olufemi Soneye, during the Energy Relations Stakeholders Engagement held in Abuja on Monday.
Soneye also highlighted NNPCL’s role in facilitating the $3 billion Gazelle loan, a critical intervention aimed at stabilizing the country’s foreign exchange crisis.
Speaking at the event, he stated, “The strategic decision to secure a $1 billion loan, backed by NNPC’s crude, played a crucial role in supporting the Dangote refinery during liquidity challenges. This move enabled the establishment of Nigeria’s first private refinery and underscores NNPC’s commitment to fostering public-private partnerships that drive national development.”
Soneye further emphasized the restart of operations at the Port Harcourt Refining Company, describing it as a major milestone in Nigeria’s journey toward energy self-sufficiency. He reiterated NNPCL’s dedication to revitalizing the country’s refining capabilities.
Additionally, Soneye noted the company’s efforts in championing the adoption of Compressed Natural Gas (CNG) as an alternative energy source. He described CNG as a cleaner and more cost-effective solution for Nigerians, especially amid rising global energy prices.
