The Nigerian National Petroleum Company Limited (NNPC Ltd) is experiencing financial strain, which has put considerable pressure on the company and poses a threat to the sustainability of fuel supply.
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The Nigerian National Petroleum Company Limited (NNPC Ltd.) has begun shipment of Liquefied Natural Gas (LNG) cargoes to Japan and China on a Delivered Ex-Ship (DES) basis.
OPEC identified the Dangote Refinery as one of the key players poised to challenge traditional suppliers in Europe. The report underscores how the refinery’s increasing output, coupled with robust flows from the Middle East and new supplies from Mexico’s Olmeca refinery, could reshape the dynamics of the European oil market in the mid-term.
“The decision to cap its equity participation at the paid-up sum was made and communicated to Dangote Refinery several months ago,” the spokesperson of the company Olufemi Soneye said in a statement.
President Bola Ahmed Tinubu has directed the Nigerian National Petroleum Company (NNPC) Limited to sell crude oil to Dangote Refinery and other…
The Nigerian National Petroleum Company Limited (NNPC Ltd.) says the tightness in fuel supply and distribution is caused by a hitch in the discharge operations of a couple of vessels.
“Dangote Refinery Should Be Fully Supported, Not Vilified. The recent conflicts between Dangote Industries and some government agencies are deeply troubling. This issue transcends political affiliations and personal grievances. It is fundamentally about Nigeria’s economy, future, and the well-being of its citizens.”
“The meeting focused on finding a sustainable and lasting solution to the current impasse affecting the Dangote Refinery, with all parties demonstrating a commitment to collaborative and proactive problem-solving,” the statement read.
“As an example, we paid $96.23 per barrel for a cargo of Bonga crude grade in April (excluding transport). The price consisted of $90.15 dated Brent price + $5.08 NNPC premium (NSP) + $1 trader premium. In the same month, we were able to buy WTI at a dated Brent price of $90.15 + $0.93 trader premium including transport. When NNPC subsequently lowered its premium based on market feedback that it was too high, some traders then started asking us for a premium of up to $4m over and above the NSP for a cargo of Bonny Light,” Edwin said.
The Nigerian National Petroleum Company Limited (NNPCL), has reaffirmed its preparedness to commence crude oil refining at the Port Harcourt refinery in early August.