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NNPC negotiates for 20% refinery stake with Dangote

Kyari Mele

The Nigerian National Petroleum Corporation (NNPC) said it is in talks with Dangote Group in order to acquire a stake in the company’s refinery, which will commence operation next year.

NNPC said it plans to acquire 20 percent of the Dangote Refinery. This will give the government corporation a minority stake in the refiner which is expected to produce 650,000 barrels per day (bpd).

The refinery is worth $15 billion, and will produce 50 million litres of petrol and 15 million litres of diesel a day. This makes Dangote Refinery the biggest oil refining facility in Africa.

The corporation’s intention was disclosed during the Nigeria Oil and Gas Opportunity Fair (NOGOF), 2021, by the NNPC Chief Operating Officer, Refining and Petrochemicals, Mustapha Yakubu.

“We have what we call the green field refinery and the Greenfield Refining Projects Division (GRPD) of the NNPC. What we do, our strategy is to collaborate and seek strategic partnerships with private investors.

“At the moment, we have Dangote Refinery, which is the 650,000 capacity barrels per day plus a mini 80,000 tonnes per annum petrochemical plant.

“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.” Yakubu said during the event on Wednesday.