The Nigerian National Petroleum Company Limited actually bailed out Dangote refinery to the tune of $1 billion in 2021.
ENERGY TIMES learnt that the NNPC Group Chief Executive, Mele Kyari, had agreed to buy into Dangote Refinery’s equity as a strategy to help the President of Dangote Industries Limited, Aliko Dangote in its bid to finish construction of his 650,000 barrels petrochemical refinery.
ALSO READS:
- Ten Firms Secure Petroleum Prospecting Licences as NUPRC Urges Swift Investment, Host Community Compliance
- Tegbe warns players to refrain from actions that threaten Nigeria’s decentralised Power Market
- NNPC/FIRST E&P JV Reaches Major ALEC Milestone, Begins Transplantation of 100,000 Indigenous Trees
- Dangote Refinery Shields Nigerians from Global Fuel Price Shock – S&P
- Lagos Energy Reforms Open New Opportunities for Facility Managers
Sources explained that the $1 billion support which was sourced from international banks was converted to equity which gave NNPC 7.25% shares against the 20% stated.
…More details in ENERGY TIMES
