The Nigerian National Petroleum Company (NNPC) Limited highlights its $1 billion loan backed by crude oil as crucial in supporting the Dangote Refinery during financial difficulties. This loan supported the establishment of Nigeria's first private refinery and exemplifies NNPC's commitment to public-private partnerships. NNPC also emphasizes its role in revitalizing Nigeria's refining capacity through the restart of the Port Harcourt Refinery, promoting Compressed Natural Gas (CNG) as an alternative energy source, and achieving its first profit in decades.
The Nigerian National Petroleum Company Limited says the company’s decision to secure a $1 billion loan backed by its crude was instrumental in supporting the Dangote refinery during liquidity challenges.“A strategic decision to secure a $1 billion 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,” he said.
“The restart of the Port Harcourt Refinery marks a significant turning point in Nigeria’s quest for energy self-sufficiency, reaffirming the company’s commitment to revitalizing the nation’s refining capacity,” he said. The NNPC spokesperson added that the company has already exceeded its “profit projections for 2024”, describing the development as a “testament to the transformative reforms he has implemented”.
NNPC Dangote Refinery Energy Self-Sufficiency Public-Private Partnerships Financial Turnaround
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