The Nigerian National Petroleum Company Limited (NNPC) has highlighted its key achievements, including securing a $1 billion loan backed by crude oil to support the Dangote Petroleum Refinery.
Speaking at the Energy Relations Stakeholders Engagement in Abuja, Chief Corporate Communications Officer, Mr. Olufemi Soneye, emphasized the company’s commitment to driving national development partnerships. He stated that under the leadership of Mele Kyari, NNPC Ltd has achieved significant 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 $3 billion Gazelle loan, a critical intervention that helped stabilize the federation during a challenging foreign exchange crisis,” Soneye stated.
Regarding the support for Dangote Refinery, Soneye explained, “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. This initiative underscores NNPC’s dedication to fostering public-private partnerships that drive national development.”
Soneye also highlighted the successful restart of the Port Harcourt Refining Company as a significant step towards achieving energy self-sufficiency in Nigeria. He emphasized the company’s commitment to exploring alternative energy sources, such as Compressed Natural Gas (CNG), to offer Nigerians cleaner and more cost-effective energy solutions.
Furthermore, Soneye announced that NNPC Ltd had declared a profit for the first time in decades, exceeding its profit projections for 2024, a testament to the transformative reforms undertaken by the company.
At the stakeholders’ meeting, Soneye emphasized the importance of strong energy relations in shaping the future of the energy sector in Nigeria. He stressed the company’s commitment to fostering meaningful relationships, driving excellence, and delivering value across the energy value chain.
“Together, we stand at the forefront of a transformative era in the global energy landscape, where collaboration, innovation, and sustainability are key to success,” Soneye concluded.
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