Chief Corporate Communications officer of Nigerian National Petroleum Company Limited (NNPC Ltd), Olufemi Soneye, said on Monday that the organisation secured a $1 billion loan secured by crude oil to assist the Dangote Refinery during its financial difficulties.
During his address at an energy relations stakeholder engagement in Abuja, Soneye said that this action highlights NNPC’s commitment to promoting public-private partnerships that enhance national development and aid the establishment of Nigeria’s first private refinery.
He pointed out that under the leadership of Mele Kyari, the Group Chief Executive Officer of NNPC Ltd, the company has reached several significant milestones, including the successful restart of the Port Harcourt Refinery, leading the way in the use of Compressed Natural Gas (CNG), and marking its first profit in decades, among others.
“In a groundbreaking achievement, NNPC, under Kyari’s guidance, reported a profit for the first time in many years, representing a substantial financial recovery. NNPC Ltd has reached significant milestones, transforming the direction of Nigeria’s oil and gas industry,” he stated.
He added that restarting the Port Harcourt Refinery is a crucial milestone in Nigeria’s journey towards energy independence, reinforcing the company’s dedication to enhancing the country’s refining capabilities.
“NNPC has also been a leader in promoting Compressed Natural Gas (CNG) as a viable alternative energy source, providing Nigerians with a cleaner and more affordable option amidst escalating global energy prices.
“A key decision to secure a $1 billion loan backed by NNPC’s crude was vital in assisting the Dangote Refinery through its liquidity issues, leading to Nigeria’s first private refinery.
“This initiative demonstrates NNPC’s commitment to encouraging public-private partnerships that foster national progress,” Soneye remarked.
Soneye also said Mr Kyari was instrumental in facilitating the $3 billion Gazelle loan, a vital measure that aided in stabilising the federation during a difficult foreign exchange crisis.
Soneye expressed confidence that the company will continue bolstering Nigeria’s energy sector while reinforcing its legacy as a transformative entity and a global influencer.
