The Nigerian National Petroleum Company Limited (NNPCL) has announced that it secured a $1 billion loan backed by crude oil to support the commissioning of the 650,000 barrels per day Dangote Petroleum Refinery.
Additionally, NNPCL facilitated a $3 billion Gazelle loan as a key measure to address the federation’s foreign exchange challenges.
Mr. Olufemi Soneye, Chief Corporate Communications Officer, shared these updates at the Energy Relations Stakeholders Engagement in Abuja on Monday.
Earlier in January 2024, NNPCL arranged a syndicated $3.3 billion crude oil prepayment facility with Afreximbank. The bank noted that this deal was the largest crude-backed facility in Nigeria and one of the largest syndicated debts in Africa.
Soneye highlighted that these initiatives demonstrate NNPCL’s commitment to fostering national development partnerships. He added that under the leadership of Mele Kyari, NNPCL has achieved significant milestones, reshaping 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,” Soneye 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 also highlighted the restart of the Port Harcourt Refining Company, calling it a pivotal moment in Nigeria’s pursuit of energy self-sufficiency and reaffirming NNPCL’s dedication to revitalizing the nation’s refining capacity.
He emphasized that the national oil company had spearheaded the adoption of Compressed Natural Gas as a viable alternative energy source, offering Nigerians a cleaner and more affordable solution amid rising global energy costs.
Recalling a historic achievement, Soneye noted that NNPC declared a profit for the first time in decades, marking a major financial turnaround.
He further stated that the company had already surpassed its profit projections for 2024, reflecting the success of its transformative reforms.
Soneye reiterated that as a responsible energy company, NNPCL would continue to strengthen Nigeria’s energy sector and solidify its legacy as a transformative global force.
At the stakeholders’ meeting, he acknowledged the critical role stakeholders play in shaping the future of energy in Nigeria and beyond.
He said, “Together, we stand at the forefront of a transformative era in the global energy landscape, where collaboration, innovation, and sustainability are key to success.”
Energy relations, he added, are integral to NNPC Ltd’s operations and strategic goals as an integrated energy company.
Soneye reaffirmed NNPCL’s commitment to building meaningful partnerships, driving excellence, and delivering value across the entire energy value chain.
He concluded that the meeting underscored a shared vision to ensure energy security, economic growth, and environmental stewardship for the benefit of all.
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