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The Nigeria National petroleum Corp (NNPC) Ltd., is in talks with the Dangote Refinery to extend a contract to sell crude in local currency (naira) to the plant, the biggest in Africa.
“Discussions are currently ongoing towards emplacing a new contract,” the Nigerian National Petroleum Company Ltd. said in a statement late Monday. The agreement, first signed in October, expires at the end of March.
It was put in place to reduce pressure on the naira and improve supply of crude to the giant Dangote Refinery, which has a capacity to process 650,000 barrels of crude daily.
At least 48 million barrels of crude has been supplied to the refinery since the agreement was signed and in aggregate more than 84 million barrels since its commencement of operations in 2023, the NNPC said.
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