The Nigerian National Petroleum Company Limited, NNPCL, has said it acquired a $1 billion loan backed by crude oil to support the commencement of operations at the 650,000 barrels per day Dangote Petroleum Refinery.
In addition, the company highlighted its role in facilitating the $3 billion Gazelle loan, a crucial intervention aimed at stabilizing Nigeria’s foreign exchange challenges.
Olufemi Soneye, NNPCL’s Chief Corporate Communications Officer, made this known during the Energy Relations Stakeholders Engagement held in Abuja on Monday, December 16.
It can be recalled that in January 2024, NNPCL, in collaboration with Afreximbank, arranged a syndicated $3.3 billion crude oil prepayment facility. The deal was recognized as the largest crude-backed loan in Nigeria and one of the largest syndicated financial transactions in Africa.
Speaking at the event, Soneye emphasized that these initiatives demonstrate NNPCL’s commitment to fostering partnerships that drive national development.
He added that under the leadership of Mele Kyari, NNPCL has achieved remarkable milestones that are reshaping the future of Nigeria’s oil and gas sector, positioning the industry for sustainable growth and global competitiveness.
“Under the visionary leadership of Mele Kyari, NNPCL has achieved groundbreaking milestones, redefining the trajectory of Nigeria’s oil and gas sector. Additionally, Kyari facilitated the $3bn Gazelle loan, a critical intervention that helped stabilize the federation during a challenging foreign exchange crisis,” Soneye stated.
On the support for Dangote, he said, “A strategic decision to secure a $1bn 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.”
Soneye also highlighted the resumption of operations at the Port Harcourt Refining Company, describing it as a major milestone in Nigeria’s pursuit of energy independence. He emphasized NNPCL’s unwavering commitment to restoring the country’s refining capacity to meet domestic demands.
He noted that the national oil company has been at the forefront of promoting Compressed Natural Gas, CNG, as a cleaner, more affordable alternative energy source, providing Nigerians with a sustainable solution amid escalating global energy prices.
Reflecting on past achievements, Soneye pointed out that NNPCL recorded a profit for the first time in decades, marking a remarkable financial recovery. He further revealed that the company has already surpassed its profit projections for 2024, crediting this success to the firm’s ongoing transformative reforms.
Soneye reaffirmed NNPCL’s commitment to strengthening Nigeria’s energy sector, pledging to uphold its role as a responsible energy company and a driving force for transformation, both locally and globally.
Speaking at the stakeholders’ meeting, he acknowledged the critical roles stakeholders play in shaping the future of energy in Nigeria and beyond, stressing the importance of collaboration to achieve sustainable progress.
“Together, we stand at the forefront of a transformative era in the global energy landscape, where collaboration, innovation, and sustainability are key to success,” he stressed.
Soneye emphasized that energy relations form the foundation of NNPCL’s operations and its strategic goals as a fully integrated energy company.
He reiterated NNPCL’s dedication to building strong partnerships, promoting excellence, and creating value throughout the entire energy value chain.
Soneye further noted that the meeting highlighted a collective vision to achieve energy security, drive economic growth, and uphold environmental responsibility for the benefit of all stakeholders.
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