A strategic decision to secure a $1 billion loan backed by the Nigerian National Petroleum Company Limited’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 was revealed by the Chief Corporate Communications Officer of the national oil firm, Olufemi Soneye while speaking at an Energy Relations Stakeholder Engagement in Abuja.
According to him, the initiative underscores NNPCL’s dedication to fostering public-private partnerships that drive national development.
Soneye said under the visionary leadership of Mele Kyari, NNPC Ltd has achieved groundbreaking milestones, redefining the trajectory of Nigeria’s oil and gas sector.
Soneye listed the restart of the Port Harcourt Refinery, which he said marked a significant turning point in Nigeria’s quest for energy self-sufficiency, and reaffirmed the company’s commitment to revitalising the nation’s refining capacity.
He explained that the NNPCL has also championed the adoption of Compressed Natural Gas (CNG) as an alternative energy source, offering Nigerians a cleaner and more cost-effective solution amidst rising global energy costs.
He said “In a historic achievement, NNPC, under Kyari’s leadership, declared profit for the first time in decades, marking a significant financial turnaround. The company has already exceeded its profit projections for 2024, a testament to the transformative reforms it has implemented.
“Additionally, Kyari facilitated the $3 billion Gazelle loan, a critical intervention that helped stabilize the federation during a challenging foreign exchange crisis.
“As a responsible energy company, NNPC Ltd continues to strengthen Nigeria’s energy sector while solidifying its legacy as a transformative force and a global game-changer.
“Energy relations are the backbone of NNPC Ltd’s operations and strategic aspirations as an integrated energy company. In a rapidly evolving global energy landscape, fostering strong relationships with stakeholders across the value chain is not just a priority but a necessity for achieving our objectives and ensuring energy for today and tomorrow,” he said.
