The Nigerian National Petroleum Company Limited (NNPCL) has secured a $1 billion crude-backed loan to support the operational launch of the 650,000 barrels-per-day Dangote Petroleum Refinery.
This was revealed by the Chief Corporate Communications Officer, Olufemi Soneye, during the Energy Relations Stakeholders Engagement in Abuja on Monday.
Soneye emphasized the importance of the loan in addressing liquidity challenges and facilitating the refinery’s operations, stating, “The strategic decision to secure a $1 billion loan, backed by NNPC’s crude, played a crucial role in supporting the Dangote refinery during liquidity challenges.”He added that this move showcases NNPCL’s commitment to public-private partnerships and advancing Nigeria’s energy sector.
Furthermore, Soneye highlighted the restart of the Port Harcourt Refining Company and NNPCL’s push for compressed natural gas (CNG) as a cleaner, more cost-effective energy alternative.
