Abuja, Dec. 18, 2024 – The Nigerian National Petroleum Company Limited (NNPCL) says it took $1 billion to support the Dangote refinery project when it was in financial crisis.
Olufemi Soneye, the Chief Spokesman for NNPCL, disclosed this at the Energy Relations Stakeholder Engagement in Abuja.
He said the NNPCL made substantial progress under the leadership of Mele Kyari, its Group Managing Director.
“The restart of the Port Harcourt Refinery marks a significant turning point in Nigeria’s quest for energy self-sufficiency, reaffirming the company’s commitment to revitalizing the nation’s refining capacity.
“NNPC has also championed the adoption of Compressed Natural Gas (CNG) as an alternative energy source, offering Nigerians a cleaner and more cost-effective solution amidst rising global energy costs.
“A strategic decision to secure a $1bn loan backed by NNPC’s crude was instrumental in supporting the Dangote Refinery during liquidity challenges, paving the way for the establishment of Nigeria’s first private refinery.
“This initiative underscores NNPC’s dedication to fostering public-private partnerships that drive national development.
“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 he has implemented.
“Additionally, Kyari facilitated the $3 billion Gazelle loan, a critical intervention that helped stabilise the federation during a challenging foreign exchange crisis,” he said.
