Dangote announces fresh conditions for NNPCL to increase stake in $20bn refinery

Dangote announces fresh conditions for NNPCL to increase stake in $20bn refinery

 Aliko Dangote, the President of Dangote Group, has announced
fresh conditions for the Nigerian National Petroleum Company Limited, NNPCL, to
expand its stake in his 650,000-barrel-per-day petroleum refinery.

 

However, he said this would only happen after Dangote
Refinery has proven to NNPCL what the plant can do.

 

Dangote stated this in a recent interview with S&P
Global Commodity Insights.

 

“The door remains open for Nigerian National Petroleum Co.
to boost its stake after the state oil company trimmed its interest to 7.2 per
cent, but not before its next phase of growth is well underway.”

 

Reiterating the need for the refinery to be listed in the
Nigerian Exchange Limited, Dangote said he’s only interested in keeping a 70
per cent stake.

 

“We don’t want to keep more than 65-70 per cent.”

 

In 2024, NNPCL announced that it had trimmed its shares in
Dangote Refinery to 7.2 per cent, down from 20 per cent.

 

The then spokesperson of NNPCL, Olufemi Soneye, had said the
state-owned firm reduced its stake in Dangote Refinery to invest in compressed
natural gas.

 

Meanwhile, Dangote Refinery recently encountered an
operational setback, which resulted in a glitch in fuel supply, according to a
Bloomberg report.

 

Petroleum product marketers had, in a recent report, complained of the non-supply of petrol after paying billions to Dangote
Refinery.

Source: Dangote announces fresh conditions for NNPCL to increase stake in $20bn refinery

 - NigerianEye

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