The Nigerian National Petroleum Company Limited (NNPCL) has said it secured a $1bn loan backed by crude oil to support the coming onstream of the 650,000 barrels per day capacity Dangote Petroleum Refinery.
It further asserted that the firm facilitated the $3 billion Gazelle loan as a vital intervention in stabilising the federation’s foreign exchange problem.
Mr. Olufemi Soneye, Chief Corporate Communications Officer, stated this during the Energy Relations Stakeholders Engagement in Abuja on Monday.
Remember that in January 2024, the national oil company formed a syndicated $3.3 billion crude oil prepayment facility in collaboration with Afreximbank.
The bank stated that the transaction was Nigeria’s largest crude-backed facility and one of the largest syndicated debts created in Africa.
Speaking at the ceremony, the spokesman stated that these activities demonstrate NNPCL’s commitment to driving national development partnerships.
He stated that under Mele Kyari’s leadership, NNPCL has achieved ground-breaking milestones, reshaping Nigeria’s oil and gas sector.
“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.
Speaking 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 addressed the restart of the Port Harcourt Refining Company, calling it a watershed moment in Nigeria’s quest for energy self-sufficiency and reiterating the company’s commitment to revitalising the country’s refining capabilities.
He emphasised that the national oil company had advocated for the use of compressed natural gas as an alternative energy source, providing Nigerians with a cleaner and more cost-effective answer in the face of escalating global energy prices.
He recounted how, in a historic milestone, the NNPC declared profit for the first time in decades, signalling a dramatic financial turnaround.
Soneye noted that the corporation had already exceeded its 2024 profit predictions, demonstrating the firm’s transformative reforms.
He promised that as a responsible energy firm, NNPCL would continue to enhance Nigeria’s energy sector while cementing its reputation as a revolutionary force and global game changer.
At the stakeholders’ meeting, he stated that NNPCL recognises the importance stakeholders play in determining the future of energy in Nigeria and beyond.
He stressed, “Together, we stand at the forefront of a transformative era in the global energy landscape, where collaboration, innovation, and sustainability are key to success.”
Energy relations, he stated, form the foundation of NNPC Ltd’s operations and strategic goals as an integrated energy organisation.
Soneye stated that NNPCL is still committed to building meaningful connections, driving excellence, and delivering value along the energy value chain.
He noted that the summit emphasised the shared goal of ensuring energy security, economic prosperity, and environmental stewardship for the benefit of all.
