The Nigerian National Petroleum Corporation (NNPC) has said that it plans to acquire a 20% minority equity stake in Africa’s biggest oil refining facility, Dangote Refinery, Lagos.
This is to help further ensure an undisrupted supply of petroleum products across the country when the transaction pulls through.
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This disclosure was made by NNPC Chief Operating Officer, Refining and Petrochemicals, Mr Mustapha Yakubu, while speaking at the end of a 2-day Nigeria Oil and Gas Opportunity Fair (NOGOF), 2021, tagged: “Leveraging Opportunities and Synergies for Post Pandemic Recovery of the Nigerian Oil and Gas Industry.”
According to reports, Yakubu said discussions were already ongoing with the Dangote Group for the acquisition of the stake.
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“What are we doing there? 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.
That’s 650,000 barrels, going into a single crude distillation unit (CDU). When that comes on board, it will also wet the nation for us.”
Photo Credit: Getty
