NNPCL, Dangote Refinery sign new two-year crude deal

NNPCL, Dangote Refinery sign new two-year crude deal

The Nigerian National Petroleum Company (NNPC) Limited has entered into a new crude oil supply agreement with the Dangote Petroleum Refinery, extending deliveries for another two years.

According to NNPC spokesman Andy Odeh, the deal — finalized last month — provides for the supply of five crude cargoes each in September and October 2025. Details on subsequent volumes were not disclosed.

So far, NNPC has delivered about 82 million barrels to the 650,000-barrel-per-day Lagos-based refinery since October 2024, with 60% of the cargoes denominated in naira, in line with efforts to ease currency pressure and stabilize fuel prices.

In 2024, the government agreed to supply 445,000 barrels daily to the Dangote refinery in naira as part of a pilot scheme that may later be extended to other domestic refiners.