The Nigerian National Petroleum Company Limited has bargained with Dangote Refinery to supply crude oil for 20 years.
It was learnt that the bargain would allow NNPC the first right-of-first refusal to sell to Dangote.
The Group Chief Executive Officer, NNPC Ltd, Mele Kyari, disclosed this to journalists when he appeared at the 49th Session of the State House Ministerial Briefing organised by the Presidential Communications Team, at the Presidential Villa, Abuja.
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A supply of 300,000 per day in 20 years brings the total supply to 2.1 trillion by the NNPC.
He said; “NNPC owns 20 per cent equity in the Dangote Refinery and has a first right of refusal to supply crude oil to the plant. But we saw this energy transition challenge coming.
And that means we have locked down the ability to sell crude oil for 33,000 barrels minimum by right for the next 20 years and by right also we have access to 20 per cent of the production from that plant.”
According to Kyari, the Dangote Refinery would begin production by the middle of 2023 and it can produce up to 50 million litres of petrol.
“The combination of that plus our ability to reopen our refinery will result in no petroleum product imports into this country next year. There would be no imports into this nation next year.
“This is quite useful. When we finish our refineries and the Dangote plant, there will be additional little projects, such as the construction of tiny modular condensate refineries. If that happens, which we are extremely certain will happen, this country will become a net exporter.
“It will serve as a center for the export of petroleum products outside the West African sub-region.
“This will occur. By the middle of next year, the supply flow will have changed. By the middle of next year, you will not require the importation of petroleum products into our nation.”
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