The Nigerian National Petroleum Company Limited stated it obtained a $1 billion crude-backed loan to support the commencement of operations at the 650,000 barrels-per-day Dangote Petroleum Refinery.
The company also facilitated the $3 billion Gazelle loan as a crucial measure to help stabilize the nation’s foreign exchange crisis.
This was disclosed by the Chief Corporate Communications Officer, Mr Olufemi Soneye, at the Energy Relations Stakeholders Engagement in Abuja on Monday.
In January 2024, the NNPC arranged a $3.3 billion syndicated crude oil prepayment facility in partnership with Afreximbank, which described it as Nigeria’s largest crude-backed deal and one of Africa’s biggest syndicated debt facilities.
In his address, Soneye the that these initiatives reflect NNPCL’s commitment to fostering partnerships that drive national development.
He stated that under Mele Kyari’s leadership, NNPC Ltd has accomplished significant milestones, transforming the direction of Nigeria’s oil and gas sector.
“Under the visionary leadership of Mele Kyari, NNPC Ltd has achieved groundbreaking milestones, redefining the trajectory of Nigeria’s oil and gas sector. Additionally, Kyari facilitated the $3bn Gazelle loan, a critical intervention that helped stabilise the federation during a challenging foreign exchange crisis,” the NNPC spokesperson stated.
On the support for Dangote, he said, “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.”
Soneye noted the restart of the Port Harcourt Refining Company as a pivotal step in Nigeria’s drive for energy self-sufficiency, reaffirming the company’s dedication to restoring the nation’s refining capacity.
He also emphasized NNPC Ltd’s leadership in promoting Compressed Natural Gas as an alternative energy source, offering Nigerians a cleaner and more cost-effective option amid rising global energy prices.
He recalled that, in a historic achievement, NNPC declared a profit for the first time in decades, marking a major financial turnaround.
Soneye further noted that the company had already surpassed its profit projections for 2024, underscoring the impact of its transformative reforms.
He pledged that, as a responsible energy company, NNPCL would continue to strengthen Nigeria’s energy sector while reinforcing its legacy as a transformative force and a global game-changer.
At the stakeholders’ meeting, he emphasized that NNPCL recognizes the crucial role stakeholders play in shaping the future of energy in Nigeria and beyond.
“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 noted.
