Audio By Carbonatix
Nigeria's state oil company NNPC Ltd has begun discussions with the Dangote Oil Refinery to extend its contract for supplying crude oil in the naira currency, the company said.
The original six-month agreement, which ends later this month, was implemented in October after local refineries, including the Dangote facility, reported difficulties securing crude supplies.
The initiative aimed to alleviate those supply issues by allowing refineries to purchase crude in naira through NNPC Ltd. Under the existing arrangement, NNPC Ltd says it has supplied 48 million barrels of oil to the Dangote Oil Refinery.
While the initial plan included supplying seven other smaller refineries, only the Dangote refinery ultimately benefited from the agreement, and even it did not receive the initially agreed-upon volumes.
NNPC Ltd said that "discussions are ongoing towards" a new contract. The details of the potential new contract, including volume, pricing, and duration, are yet to be disclosed.
Latest Stories
-
Accra turns white as Dîner en Blanc delivers night of elegance and culture
59 minutes -
War-torn Myanmar voting in widely criticised ‘sham’ election
3 hours -
Justice by guesswork is dangerous – Constitution Review Chair calls for data-driven court reforms
3 hours -
Justice delayed is justice denied, the system is failing litigants – Constitution Review Chair
3 hours -
Reform without data is a gamble – Constitution Review Chair warns against rushing Supreme Court changes
4 hours -
Rich and voiceless: How Putin has kept Russia’s billionaires on side in the war against Ukraine
4 hours -
Cruise ship hits reef on first trip since leaving passenger on island
4 hours -
UK restricts DR Congo visas over migrant return policy
5 hours -
Attack on Kyiv shows ‘Russia doesn’t want peace’, Zelensky says
5 hours -
Two dead in 50-vehicle pile up on Japan highway
5 hours -
Fearing deportation, Hondurans in the US send more cash home than ever before
5 hours -
New York blanketed in snow, sparking travel chaos
5 hours -
Creative Canvas 2025: Documenting Ghana’s creative year beyond the noise
9 hours -
We would have lost that game last season – Guardiola
9 hours -
Nigeria reach AFCON last 16 despite Tunisia fightback
9 hours