The Nigerian National Petroleum Company Limited (NNPCL) recently revealed that it has secured a $1 billion loan backed by crude oil to support the upcoming operations of the Dangote Petroleum Refinery, which has a capacity of 650,000 barrels per day.
Additionally, NNPCL facilitated a $3 billion Gazelle loan, which is considered a crucial measure to help stabilize the nation’s foreign exchange crisis.
A top NNPCL official shared this information during Stakeholders’ Engagement in Lagos
In January 2024, the national oil company arranged a syndicated $3.3 billion crude oil prepayment facility in collaboration with Afreximbank. This agreement is noted as the largest crude-backed facility in Nigeria and one of the largest syndicated debts raised in Africa.
During the event, the source emphasized that these initiatives demonstrate NNPCL’s commitment to fostering national development partnerships. Under the visionary leadership of Mele Kyari, NNPCL has achieved significant milestones that are transforming Nigeria’s oil and gas sector.
He stated, “Kyari facilitated the $3 billion Gazelle loan, a vital intervention that helped stabilize the federation during a challenging foreign exchange period.”
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Regarding support for the Dangote refinery, he noted, “Securing a $1 billion loan backed by NNPC’s crude was essential in assisting the Dangote refinery during liquidity challenges, paving the way for Nigeria’s first private refinery.
This initiative highlights NNPC’s commitment to fostering public-private partnerships that drive national development.”
Soneye also discussed the restart of the Port Harcourt Refining Company, calling it a significant turning point in Nigeria’s pursuit of energy self-sufficiency. He reaffirmed the company’s dedication to revitalizing the nation’s refining capacity.
He mentioned the adoption of Compressed Natural Gas (CNG) as an alternative energy source, providing Nigerians with a cleaner and more cost-effective solution amid rising global energy costs. Notably, NNPC recently declared a profit for the first time in decades, representing a significant financial turnaround and exceeding its profit projections for 2024, further illustrating the transformative reforms implemented by the firm.
He assured stakeholders that as a responsible energy company, NNPCL would continue to strengthen Nigeria’s energy sector while solidifying its legacy as a transformative force and a global game-changer.
He emphasized that energy relations are fundamental to NNPC Ltd’s operations and strategic goals as an integrated energy company.
He reiterated NNPCL’s commitment to fostering meaningful relationships, driving excellence, and delivering value across the energy value chain.
