NNPCL Secures $1bn Crude-Backed Loan To Support Dangote Refinery
The Nigerian National Petroleum Company Limited (NNPCL) has announced securing a $1 billion crude-backed loan to aid the development of the 650,000 barrels-per-day Dangote Petroleum Refinery.
The revelation came during the Energy Relations Stakeholders Engagement held in Abuja on Monday, where Chief Corporate Communications Officer, Mr. Olufemi Soneye, shared insights into the company’s strategic initiatives.
Mr. Olufemi Soneye
Soneye also disclosed that NNPCL facilitated a $3 billion Gazelle loan to address the country’s foreign exchange challenges. Highlighting these milestones, he described them as pivotal under the leadership of Mele Kyari, the Group CEO of NNPCL.
“Under the visionary leadership of Mele Kyari, NNPC Ltd has achieved groundbreaking milestones, redefining the trajectory of Nigeria’s oil and gas sector. The $3 billion Gazelle loan played a critical role in stabilizing the federation during a challenging foreign exchange crisis,” Soneye remarked.
On the Dangote Refinery, Soneye emphasized the importance of the $1 billion crude-backed loan. “This strategic decision was instrumental in overcoming liquidity challenges, paving the way for the establishment of Nigeria’s first private refinery. It reflects NNPC’s commitment to fostering public-private partnerships that drive national development.”
Milestones in Refining and Energy Innovation
The NNPCL official also celebrated the restart of the Port Harcourt Refinery, describing it as a significant achievement in Nigeria’s journey toward energy self-sufficiency.
In the face of rising global energy costs, Soneye highlighted NNPCL’s ongoing efforts to promote Compressed Natural Gas (CNG) as a cleaner, more affordable energy source.
Additionally, he revealed that NNPCL has surpassed its profit projections for 2024, signaling the success of transformative reforms under Kyari’s leadership.
Commitment to Energy Security and Sustainability
Reaffirming NNPCL’s role as a responsible energy company, Soneye assured stakeholders of its focus on collaboration, innovation, and sustainability.
“Together, we stand at the forefront of a transformative era in the global energy landscape, where collaboration, innovation, and sustainability are key to success,” he said.
The Abuja engagement underscored the company’s dedication to fostering strategic partnerships and promoting energy security, economic growth, and environmental sustainability.
NNPCL’s efforts continue to position the company as a critical driver of Nigeria’s economic progress and energy security.