NNPC Limited has reacted to reports circulating on social media regarding the alleged unilateral termination of the naira-for-crude oil sales agreement between NNPC and Dangote Refinery.

The organization clarified that the contract for the sale of crude oil in Naira was structured as a six-month agreement, subject to availability, and expires at the end of March 2025. Discussions are currently ongoing towards emplacing a new contract.

This was contained in a statement signed by the Chief Corporate Communications Officer, Oluremi Soneye.

According to Soneye, under the current arrangement, NNPC made over 48 million barrels of crude oil available to Dangote Refinery since October 2024.

"In aggregate, NNPC has made over 84 million barrels of crude oil available to the Refinery since its commencement of operations in 2023.

"NNPC Limited remains committed to supplying crude oil for local refining based on mutually agreed terms and conditions," he concluded.

ASA