BREAKING: NNPCL supported Dangote refinery establishment with $1bn loan – Official

The Nigerian National Petroleum Company Limited has said it secured a $1bn loan backed by crude oil to support the coming on stream of the 650,000 barrels per day capacity Dangote Petroleum Refinery.

It also stated that the firm facilitated the $3bn Gazelle loan as a critical intervention to help stabilise the federation’s foreign exchange crisis.

The Chief Corporate Communications Officer, Mr Olufemi Soneye, said these at the Energy Relations Stakeholders Engagement in Abuja on Monday.

Recall that in January 2024, the national oil firm arranged a syndicated $3.3bn crude oil prepayment facility in partnership with Afreximbank.

The bank said the deal was the largest crude-backed facility in Nigeria and one of the largest syndicated debts raised in Africa.

Speaking during the event, the spokesperson said these initiatives are a testimony to NNPCL’s dedication to driving national development partnerships.

He said with the leadership of Mele Kyari, NNPC Ltd has achieved groundbreaking milestones, redefining the trajectory of 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 mentioned the restart of the Port Harcourt Refining Company, describing it as a significant turning point in Nigeria’s quest for energy self-sufficiency, reaffirming the company’s commitment to revitalizing the nation’s refining capacity.

He stressed that the national oil firm had championed the adoption of Compressed Natural Gas as an alternative energy source, offering Nigerians a cleaner and more cost-effective solution amidst rising global energy costs.

He recalled that in a historic achievement, NNPC declared profit for the first time in decades, marking a significant financial turnaround.

Soneye added that the company had already exceeded its profit projections for 2024, a testament to the transformative reforms of the firm.

He pledged that as a responsible energy company, NNPCL would continue to strengthen Nigeria’s energy sector while solidifying its legacy as a transformative force and a global game-changer.

At the stakeholders’ meeting, he said NNPCL recognizes the roles the stakeholders play in shaping the future of energy in Nigeria and beyond.

He stressed, “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 said, are the backbone of NNPC Ltd’s operations and strategic aspirations as an integrated energy company.

Soneye said NNPCL remains committed to fostering meaningful relationships, driving excellence, and delivering value across the energy value chain.

He added that the meeting underscored the shared vision to ensure energy security, economic growth, and environmental stewardship for the benefit of all.