The Vice President of Downstream at Nigerian National Petroleum Company Limited, Adedapo Segun disclosed that the Dangote Refinery will receive an additional 17.8 million barrels of crude oil between September and November.
This was disclosed by Segun, during an interview on Arise TV’s morning show on Thursday.
This move is part of the Federal Government’s strategy to boost local production of petroleum products.
To date, NNPCL has supplied the refinery with 30 million barrels of crude oil to initiate operations.
Earlier this week, Dangote Refinery, led by its Group Chief Executive Aliko Dangote, announced its readiness to begin releasing PMS to the market.
Segun detailed that 6.8 million barrels in seven cargoes will be delivered in September, with another 11 million barrels scheduled for November.
He also explained why NNPCL remains the sole importer of PMS in Nigeria, attributing it to market conditions that have hindered independent marketers due to forex liquidity issues and a pump price below the landing cost.
Contrary to reports suggesting Dangote Refinery will only sell to NNPCL, Segun clarified that the refinery will eventually supply other marketers when market conditions improve.
For now, NNPCL will act as a provider of last resort, as stipulated by the Petroleum Industry Act
