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:
- NNPC Ltd/Chevron JV Eye 165,000 bpd Production Target by Dec 2024
- China to establish mini-grid simulation, standardization centre in Nigeria
- Joint entry from UK based Olajide Otitoju, Meihong Wang, Eni Oko wins $100,000 Nigeria Prize for Science 2024
- NNPCL, Chinese firm to co-fund Gwagwalada IPP
- FG grants UTM Offshore license to construct first Floating LNG
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
