Key Points
- NNPCL secures $1 billion loan to support Dangote refinery.
- Gazelle loan stabilizes Nigeria’s foreign exchange amid economic pressure.
- NNPCL champions compressed natural gas for cheaper, cleaner energy.
A $1 billion loan backed by crude oil has been obtained by the Nigerian National Petroleum Company Ltd. to facilitate the opening of the Dangote Petroleum Refinery, which would produce 650,000 barrels per day.
NNPCL secures $1 billion crude-backed loan for Dangote refinery
Chief Corporate Communications Officer Olufemi Soneye said the business also helped settle Nigeria’s foreign exchange crisis by facilitating a $3 billion Gazelle loan.
Soneye made this revelation on Monday at the Abuja Energy Relations Stakeholders Engagement event.
In collaboration with Afreximbank, NNPCL set up a $3.3 billion syndicated crude oil prepayment facility in January 2024.
Soneye, who spoke at the ceremony, stated that these efforts demonstrate NNPCL’s dedication to building partnerships that are development-focused.
“NNPCL has accomplished historic milestones, redefining the trajectory of Nigeria’s oil and gas sector, under the visionary leadership of Mele Kyari,” Soneye stated.
According to Punch, he pointed out that the $3 billion Gazelle loan, which stabilized Nigeria during a difficult foreign exchange crisis, was made possible in large part by Kyari.
“A strategic decision to secure a $1 billion 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,” Soneye stated in reference to the refinery’s backing.
Port Harcourt refinery restart signals Nigeria’s energy transformation
In addition, Soneye declared that the Port Harcourt Refining Company has reopened, characterizing this as a major milestone in Nigeria’s quest for energy independence.
According to Soneye, the company is also spearheading the use of compressed natural gas (CNG) as a substitute energy source, providing Nigerians with a more affordable and environmentally friendly choice in the face of growing energy costs worldwide.
In a “historic achievement,” he said, NNPCL announced a profit for the first time in decades, signaling a significant financial recovery.
Soneye went on to say that NNPCL had already surpassed its 2024 profit forecasts, which he credited to the business’ revolutionary innovations.
Soneye stressed the importance of stakeholders in determining the direction of energy in Nigeria and beyond during the stakeholders’ meeting.
He declared, “Together, we stand at the forefront of a transformative era in the global energy landscape, where success is largely dependent on collaboration, innovation, and sustainability.”
As an integrated energy firm, he continued, NNPCL’s operations and strategic objectives are based on energy relations.
According to Soneye, NNPCL is dedicated to creating lasting alliances, promoting excellence, and providing value along the whole energy value chain.
He continued by saying that the summit emphasized a common goal to guarantee economic expansion, environmental protection, and energy security.
