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NNPC plans $2.5bn loan facility for stake in Dangote Refinery ~ Report

The Nigerian National Petroleum Corporation (NNPC) is reportedly in talks with investors to borrow $2.5 billion to acquire a stake in the Dangote Refinery.

Reports by Daily Independent, said the state-owned oil firm is discussing with African Export-Import Bank (Afreximbank) for the loan.

It was gathered that NNPC’s fresh overtures to the bank will ensure the completion of the project, which many be­lieve will turn Nigeria to net exporter of crude oil and pro­vide several job opportunities for Nigerians.

Observers said the renewed quest to get Dangote Refinery on track may have a salutary effect in stopping the deluge of products importation into the country, especially as Nigeria is considering total removal of subsidy and beginning of full scale deregulation of the down­stream sector of the petroleum industry.

At the 2021 edition of the Nigerian Oil & Gas Opportunity Fair (NOGOF), Mustapha Yakubu, NNPC chief operating officer, refining and petrochemicals, said NNPC is in discussion with Dangote Group on acquisition of a 20 percent minority equity stake.

“…I can tell you today that we are seeking to have a 20 per cent minority stake in Dangote Refinery as part of our collaboration and you know that there’s a huge quantity of crude for that refinery,” he had said.

The Dangote Refinery, currently under construction in the Lekki Free Zone, Lagos, is expected to be Africa’s biggest oil refinery and the world’s biggest single-train facility upon completion

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