The Nigerian National Petroleum Corporation (NNPC) plans to acquire a 20% minority equity stake in Africa’s biggest oil refining facility, Dangote Refinery, Lagos.
The Chief Operating Officer, Refining and Petrochemicals, NNPC, Mr. Mustapha Yakubu, revealed this while speaking at the end of a 2-day Nigeria Oil and Gas Opportunity Fair (NOGOF), 2021, tagged: “Leveraging Opportunities and Synergies for Post Pandemic Recovery of the Nigerian Oil and Gas Industry.”
According to Yakubu, plans are already underway to acquire a chunk of Dangote Refinery to ensure further an undisrupted supply of petroleum products across the country when the transaction pulls through.
This is to help further ensure an undisrupted supply of petroleum products across the country when the transaction pulls through.
At the virtual event, Yakubu stated that one of NNPC’s divisions, the Greenfield Refining Projects Division (GRPD), handles the negotiations with Dangote Refinery.
He said: “We have what we call the Greenfield 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 barrels per day capacity, plus a mini 80,000 tonnes per annum petrochemical plant.”
Yakubu also noted that the state oil giant is collaborating with African Refinery in Port Harcourt, a co-location facility, the CNCEC Chinese group interested in building two refineries in Nigeria Waltersmith modular plant and Azikel refineries on condensate production.