NNPC - The African Mirror

Dec

2023

Nigeria’s Dangote refinery gets 1 mln barrel crude cargo from NNPC

NIGERIA'S new $19 billion Dangote oil refinery has received 1 million barrels of oil from state-owned oil company NNPC Ltd, its second crude cargo this month, as it steps up preparations to begin operations, a Dangote spokesperson said. The refinery is years behind schedule but its operations are expected to turn Africa's largest oil producer into a net exporter of fuels, a long-sought goal for the OPEC member that almost totally relies on imports. The Dangote spokesperson said the crude had been loaded at Bonny Terminal operated by Shell and would be discharged at the refinery outside Lagos on Wednesday.…

Nov

2023

By NATALIE GROVER, ROBERT HARVEY and AHMAD GHADDAR

Nigeria launches new ‘Nembe’ grade as ramps up oil output

BUSINESS

NIGERIA'S NNPC and Aiteo have launched a new grade of crude called Nembe through a joint venture, as Africa's largest oil producer ramps up its oil output. Crude theft, attacks on pipelines in the Niger Delta and a lack of investment have meant output declines for many years, causing a dwindling of Nigerian government revenue and large fiscal deficits. But output has picked up in recent months. The Nembe crude stream will be managed and marketed by a joint venture between state-owned NNPC and oil firm Aiteo Eastern E&P Co. Ltd, the companies said on Tuesday, the first such crude…

Oct

2023

By JULIA PAYNE and LIBBY GEORGE

Nigeria buying fuel with cash, rather than crude, in post-reform shift

BUSINESS

NIGERIAN state oil company NNPC has begun buying gasoline via cash tenders, rather than oil swaps, for the first time in nearly a decade, four sources familiar with the matter told Reuters. The company's latest tender to buy gasoline for delivery in November closed this week, the sources said. Two of them added that NNPC would pay the last debts owed under the long-running oil swaps by the end of next month. NNPC did not immediately reply to a request for comment. The shift is the result of efforts by President Bola Tinubu, inaugurated in May, to eliminate costly fuel…

Jun

2023

By The African Mirror

Nigerian president advised by team to cut state’s stake in oil and gas sector

BUSINESS

NIGERIAN President Bola Tinubu has been advised to reduce the state's stake in the oil and gas sector to raise up to $17 billion to boost economic growth during his four-year term, a policy document showed. The proposals, drawn up by Tinubu's policy advisory team and first reported by Nigerian media at the weekend, would represent a major shake-up of the sector that has been Nigeria's economic lifeblood since the 1960s. Under the plans, the state-controlled Nigerian National Petroleum Corporation Ltd (NNPC) would sell part of its stakes in joint ventures it operates with oil majors. The document finalized in…

Jan

2023

By The African Mirror

Nigeria to spend $7.5 bln on petrol subsidy to mid-2023

BUSINESS

CAMILLUS EBOH NIGERIA will keep its costly but popular petrol subsidy until mid-2023 and has set aside 3.36 trillion nairas ($7.5 bln) to spend on it, Finance Minister Zainab Ahmed said. Africa's biggest economy spent 2.91 trillion nairas ($7 billion) towards a petrol subsidy between January and September 2022, state-owned firm NNPC said, a cost the government has blamed for dwindling public finances. President Muhammadu Buhari signed the 2023 budget of 21.83 trillion nairas ($49 billion) into law on Tuesday after lawmakers increased the size by 6.4% and raised the oil price assumption. "Petrol subsidy will remain up to mid-2023 based on…