NNPCL Begins Lifting Petrol From Dangote Refinery

NNPCL Begins Lifting Petrol From Dangote Refinery on Sunday

iexclusivenews – The Nigerian National Petroleum Corporation Limited (NNPCL) has officially started lifting refined petrol from the Dangote Petroleum Refinery.

This significant development aligns with the federal government’s announcement that the refinery would begin distributing petrol to NNPCL on September 15, 2024.

The update was shared via a tweet from the official X (formerly Twitter) account of the Dangote Group on Sunday.

The tweet, “NNPCL begins lifting Petrol from Dangote Petroleum Refinery,” was accompanied by images of multiple tankers being loaded with petrol at the refinery’s fuel loading gantry.

This marks a major milestone in the operational activities of the Dangote Petroleum Refinery and its contribution to the domestic petrol supply chain.

NNPCL and Dangote Refinery: A Strategic Partnership

Before the commencement, Femi Soneye, Chief Corporate Communications Officer (CCCO) of NNPCL, disclosed on Saturday that by the end of the day, at least 300 trucks would be stationed at the refinery’s loading gantry in preparation for the scheduled petrol loading on Sunday, September 15.

This milestone signifies a significant step forward in the collaboration between NNPCL and the Dangote Refinery, enhancing Nigeria’s energy sector.

The Dangote Refinery has officially begun distributing refined petrol to NNPCL, signaling a major advancement in its operations and role in Nigeria’s energy landscape.

This development follows months of anticipation and marks a significant milestone in the partnership between the Dangote Refinery and NNPCL.

Another key milestone is set to take place in just two weeks.

Future Prospects and Economic Impact

On Friday, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, represented by Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), announced that the federal government had finalized all agreements and modalities for the sale of crude oil to local refineries in Naira, as well as the corresponding purchase of petroleum products.

This announcement came after a Technical Sub-Committee meeting, signaling a new phase in Nigeria’s energy strategy.

From October 1, the Dangote Refinery is expected to receive 385,000 barrels per day (BPD) of crude oil from NNPCL, with both crude oil and petroleum products to be paid for in Naira.

Additionally, all related regulatory costs, including those from the Nigerian Ports Authority (NPA) and the Nigerian Maritime Administration and Safety Agency (NIMASA), will also be settled in Naira, further emphasizing the shift towards local currency transactions in the energy sector.

Although the federal government has confirmed the finalization of the crude supply deal with the Dangote Refinery, critical elements such as crude pricing and the Naira exchange rate remain undisclosed.

These factors are expected to play a key role in the overall impact of the agreement on the local market and Nigeria’s energy landscape.