The Chief Corporate Communications Officer of Nigerian National Petroleum Company Limited (NNPCL) Mr Olufemi Soneye has revealed that the national oil firm secured a $1bn loan backed by crude oil to support the coming on stream of the 650,000 barrels per day capacity Dangote Petroleum Refinery.
Soneye further revealed that the firm facilitated the $3bn Gazelle loan as a critical intervention to help stabilise the federation’s foreign exchange crisis.
NNPCL’s image maker spoke at the Energy Relations Stakeholders Engagement in Abuja on Monday.
“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 $3bn Gazelle loan, a critical intervention that helped stabilise the federation during a challenging foreign exchange crisis,” Soneye stated.
On the support for Dangote, he said, “A strategic decision to secure a $1bn 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 re-opening of the Port Harcourt Refining Company, as one of the achievements under the Mele Kyari-led management. He described the coming on stream of the refinery as a significant turning point in Nigeria’s quest for energy self-sufficiency, reaffirming the company’s commitment to revitalizing the nation’s refining capacity.
He equally told the meeting that NNPCL championed the adoption of Compressed Natural Gas as an alternative energy source, offering Nigerians a cleaner and more cost-effective solution amidst rising global energy costs.
Be the first to comment