Tuesday, October 15, 2019
Banner Top

Nigeria’s state oil company plans to partner with a private refinery under construction on the shores of Lagos, to turn the oil-producing country into a fuel supplier for the region, the new boss said in an interview with Reuters.

The aim to ink a contract with the Dangote refinery, with a capacity of 650,000 barrels per day (bpd), is part of new Managing Director, Mele Kolo Kyari’s blueprint for transforming the Nigerian National Petroleum Corporation (NNPC), into a world-class state oil company.

The refinery, being built by billionaire Aliko Dangote, is set to be Africa’s largest.

Kyari, who also intends to push for more transparency, said NNPC wants to be a “supplier of first resort” for the Dangote refinery. “Ultimately, there will be a contract to supply crude,” he said.

In his first interview with the international media since taking over last month, Kyari said he will publish the full list of those holding the nation’s crude oil contracts and the firms who won deals to swap Nigeria’s crude oil for products, along with audited accounts of NNPC’s books.

He said the openness, and a plan to improve commercial terms for oil companies, will spur investment, that had been throttled by uncertainty and opacity.

The contract lists have not been published for years, and NNPC has been dogged for decades by a reputation for corruption.

“We are going to do everything possible to make that open, so that people can actually predict what we’re going to do next,” Kyari said, adding that this would help to attract investment.

0 Comments

Leave a Comment

Brent Crude Oil

WTI Crude Oil

Advertisement

img advertisement

Advertisement

img advertisement

Newsletter