…Promises no more importation of polypropylene as from October For the first time, Nigerians will gain a clear understanding of the country's...
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Management of Dangote Petroleum Refinery has urged the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), to enforce the domestic crude supply obligation as specified in the Petroleum Industry Act (PIA), insisting that refineries in Nigeria should be allowed to buy crude directly from the companies that produce it in Nigeria rather than from international middlemen, as enshrined in the PIA act.Spokesperson of the Dangote Group, Anthony Chiejina said last night: “We are in receipt of NUPRC's statement that they have facilitated the allocation of 29 million barrels of crude oil to the Dangote Petroleum Refinery and Petrochemicals, we would like to thank them for this allocation but at the same time we wish to let them know that we are yet to receive these cargoes.“Aside from the term supply we bilaterally negotiated with NNPCL, so far NUPRC has only facilitated the purchase of one crude cargo from a domestic producer. The rest of the cargoes we have processed were purchased from international traders.”Chiejina said that: “All we are asking for, is for refineries in Nigeria to buy crude directly from the companies that produce it in Nigeria rather than from international middlemen. This is specified in the PIA. Unfortunately, the NUPRC has effectively admitted in their statement, that they will be unable to enforce the domestic crude supply obligation as specified in the PIA citing "sanctity of contracts" as an excuse.It would be recalled that Dangote Petroleum Refinery management had insisted that it was not yet getting enough crude required for the effective optimization of its refinery from the Nigerian National Petroleum Corporation Limited (NNPCL).The Refinery Management, in a release signed by, Group Chief, Branding and Communications Officer, Anthony Chiejina revealed that, “we therefore still insist that we are unable to secure our full crude requirement from domestic production and urge the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), to fully enforce the domestic crude supply obligation as mandated by the PIA.”Chiejina clarified that his company has never accused NNPC of not supplying “…us with crude. Our concern has always been NUPRC's reluctance to enforce the domestic crude supply obligation and ensure that we receive our full crude requirement from NNPC and the IOCs.”He further explained that “For September, our requirement is 15 cargoes, of which NNPC allocated six. Despite appealing to NUPRC, we've been unable to secure the remaining cargoes. When we approached IOCs producing in Nigeria, they redirected us to their international trading arms or responded that their cargoes were committed.Consequently, we often purchase the same Nigerian crude from international traders at an additional $3-$4 premium per barrel which translates to $3-$4 million per cargo”
…Promises no more importation of polypropylene as from October For the first time, Nigerians will gain a clear understanding of the country's...
…Promises no more importation of polypropylene as from October For the first time, Nigerians will gain a clear understanding of the country's...
Some Nigerians in the diaspora, under the auspices of the Diaspora Good Governance Watch (DGGW), have announced plans to lead massive protests...
Locally refined premium motor spirit otherwise known as petrol from the Dangote Refinery is ready for the Nigerian market. The Chairman of Dangote...
The Nigerian National Petroleum Company Ltd (NNPCL) has said Dangote Refinery and other domestic refiners are “free to sell directly to any marketer...
*Says they are yet to finalize contract with NNPC *Insists issue of fixing price of petrol does not arise *Guarantees Nigerians of exceptionally high...
Amidst the fuel crisis that is ravaging Nigeria, the Nigerian National Petroleum Company (NNPC) Limited has officially increased fuel …
Dangote Petroleum Refinery has issued a strong warning to the Nigerian National Petroleum Company Limited (NNPCL) and other oil …
Dangote Refinery on Tuesday, began distributing its first batch of Premium Motor Spirit (PMS), known as petrol, from its 650,000 barrels-per-day...
For the seventh consecutive years, Dangote Industries Limited, has again emerged as most valuable brand in Nigeria, leading other top brands like MTN,...