.NMDPRA, NNPC sign agreement to sell crude oil to Dangote refinery in Naira
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has finalized an agreement with the Nigerian National Petroleum Corporation (NNPC) Limited to sell crude oil to Dangote refinery in local currency, the naira.
This is contained in a statement by NMDPRA on Tuesday in Abuja following the commencement of petrol production by Dangote refinery.
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This development is in line with the recent approval by the federal executive council (FEC) to sell crude oil to Dangote refinery in Naira as well purchase petrol products from the refinery in the local currency.
NMDPRA also confirmed that Dangote has begun petrol production, adding that the refinery will produce 20 million liters of petrol in September.
“At the NMDPRA headquarters in Abuja, NNPCL reach an agreement to commence crude oil sale and supply to Dangote Refinery in local currency.
“The refinery is now poised to supply an initial 25 million litres of PMS into the domestic market this September. And will subsequently increase this amount to 30 million liters daily from October 2024,”NMDPRA said.
Deal to reduce pressure on foreign exchange by 40 Percent
In another statement, the CEO of Dangote Refinery, Aliko Dangote has expressed a heartfelt gratitude to President Bola Tinubu and his administration for providing such strategy in ensuring energy security in the country.
