Dangote Blames IOCs And Nigerian Government For Hindering Refinery Progress

Dangote Blames IOCs And Nigerian Government For Hindering Refinery Progress....KINDLY READ THE FULL STORY HERE▶

Aliko Dangote, President and Chief Executive of Dangote Group, has identified the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and International Oil Companies (IOCs) in Nigeria as the sources of the Dangote Refinery’s crude oil supply issues……… CONTINUE READING 

In a statement released on Thursday, Africa’s richest man responded to reports that the Nigerian National Petroleum Corporation (NNPC) provides Dangote Refinery with approximately 60 percent of its 50 million barrels lift.

Dangote highlighted that the primary obstacle is the NUPRC’s failure to enforce domestic supply obligations for IOCs. He explained that when the refinery requested crude from the IOCs, they were either redirected to third parties or informed that their cargoes were already committed.

“Our main concern has been NUPRC’s unwillingness to enforce the domestic crude supply obligations and ensure that we receive our full crude requirement from NNPC and the IOCs,” Dangote stated. “For September, we needed 15 cargoes, of which NNPC allocated six. Despite appeals to NUPRC, we have not been able to secure the remaining cargoes.”

He added that efforts to source additional crude from IOCs operating in Nigeria were met with redirections to international trading arms or claims that their cargoes were committed.

In July 2024, the NUPRC instructed oil refiners in the country to provide monthly price quotes on crude to address these supply issues. Additionally, President Bola Tinubu had directed the NNPCL to sell crude in Naira to Dangote Refinery and other local refiners. However, as of the latest update, this directive has not yet been put into action.

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