BY SAM OTUONYE
The Nigerian National Petroleum Company Limited (NNPC Ltd) has revealed that the federal government through the NNPC Ltd took a loan of $1 billion to support the Dangote refinery project when it encountered some financial difficulties.
NNPC’s Head of Corporate Communications, Olufemi Sonoye, made the disclosure during his remarks on Monday at the Energy Relations Stakeholder Engagement in Abuja.
Highlighting the achievements of the apex national oil company under the leadership of Mallam Mele Kyari, Sonoye said: “Permit me to digress a bit!
Under the visionary leadership of Mele Kyari, NNPC Ltd has achieved groundbreaking milestones, redefining the trajectory of Nigeria’s oil and gas sector.
“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.
“NNPC has also championed the adoption of Compressed Natural Gas (CNG) as an alternative energy source, offering Nigerians a cleaner and more cost-effective solution amidst rising global energy costs.
“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. This initiative underscores NNPC’s dedication to fostering public-private partnerships that drive national development.
“In a historic achievement, NNPC, under Kyari’s leadership, declared profit for the first time in decades, marking a significant financial turnaround. The company has already exceeded its profit projections for 2024, a testament to the transformative reforms he has implemented.
“Additionally, Kyari facilitated the $3 billion Gazelle loan, a critical intervention that helped stabilize the federation during a challenging foreign exchange crisis.
“As a responsible energy company, NNPC Ltd continues to strengthen Nigeria’s energy sector while solidifying its legacy as a transformative force and a global game-changer.”
He said that the NNPC Ltd recognized the invaluable role the stakeholders played in shaping the future of energy in Nigeria and beyond, and the need for a sustained collaboration and innovation towards achieving a transformative era in the global energy landscape.
Sonoye stressed the importance of energy relations in the operations of the company in value creation, energy security and economic growth, noting that it is not just a priority but a necessity for achieving the company’s objectives.
“Energy relations are the backbone of NNPC Ltd’s operations and strategic aspirations as an integrated energy company. In a rapidly evolving global energy landscape, fostering strong relationships with stakeholders across the value chain is not just a priority but a necessity for achieving our objectives.
“As your trusted partner, NNPC Ltd remains committed to fostering meaningful relationships, driving excellence, and delivering value across the energy value chain. This meeting underscores our shared vision to ensure energy security, economic growth, and environmental stewardship for the benefit of all.
“Let us seize this opportunity to exchange ideas, align our goals, and chart a progressive path forward. Together, we can fuel the aspirations of our nation and contribute to a sustainable energy future.
“Energy relations are more than a strategic tool—they are integral to our mission to deliver energy for today and tomorrow, driving value for our stakeholders and empowering our nation.”