The NNPC Ltd. is set to supply another fresh 17.8 million barrels of crude oil to the Dangote Refinery between September and November.
This was disclosed Friday on AriseNews Morning Show by Mr. Adedapo Segun, Vice President, Downstream at NNPCL.
Segun revealed that the Dangote Refinery will receive the additional 17.8 million barrels of crude as part of the Federal Government push to drive local production of petroleum products.
He also disclosed that so far, the state owned-oil company has supplied 30 million barrels of crude to the refinery to start its operation.
Dangote Refinery announced early in the week at a press briefing addressed by its Group President, Aliko Dangote, that it is now ready to release its PMS to the market.
According to Segun, 6.8 million barrels in 7 cargoes of crude oil will be delivered to Dangote Refinery in September, while another 11 million barrels will be delivered in November.
The VP Downstream further revealed why NNPCL is the sole importer of PMS in the country, noting that market conditions have not made it possible for independent marketers to bring in products as a result of forex illiquidity and pump price that is far below landing cost.
Contrary to media reports that Dangote Refinery will only sell products to NNPCL as sole off taker, Segun said that Dangote will sell products to other marketers once the market conditions are right for them to play.
He added that NNPCL for now will act in public interest as provider of last resort as provided for in the Petroleum Industry Act.
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