Dangote refinery has recently accused the Federal Government of not meeting its target for supplying crude oil to them under the signed naira-for-crude initiative.
Following the initiative, NNPCL had agreed to supply Dangote Refinery with a total of 650k barrels per day but are currently supplying 385k barrels per day, which is about 59.2% of the agreed crude supply.
The naira for crude initiative was brought on to address the difficulties associated with accessing foreign currency. It was expected to kick off fully in October.
Dangote seeks to operate at full and optimal capacity to be able to compete with international refineries in terms of refined crude products being produced daily. However, with the current situation, it’s operating below standard efficiency.
Mathins Obaze, acting Executive Director of the Crude Oil Refinery Owners Association of Nigeria, said the Dangote refinery is the only one to have benefitted from the naira-to-crude initiative out of eight refineries in Nigeria.
“Members are still unable to access crude in naira and are currently engaging the government for a resolution,” Obaze said.
There have been no comments from either FG, NNPCL or NUPRC regarding this accusation by Dangote Refinery on crude supply.
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