Vice President, Downstream at the Nigeria National Petroleum Company Limited (NNPCL), Mr Adedapo Segun, on Thursday, revealed that the Dangote Refinery between September and November will receive additional 17.8million barrels of crude oil as part of the Federal Government push to drive local production of petroleum products.
He spoke on AriseNews Morning Show.
So far, the state owned oil company has supplied 30 million barrels of crude to the refinery to start its operation. Dangote Refinery announced early in the week , at a press briefing addressed by its Group Chief Executive, Aliko Dangote, that it is now ready to release its PMS to the market.
According to Mr Adedapo, 6.8m barrels in 7 cargoes of crude oil will be delivered to Dangote Refinery in September, while another 11 million barrels will be delivered in November.
The VP Downstream further revealed why NNPCL is the sole importer of PMS in the country, noting that market conditions have not made it possible for independent marketers to bring in products as a result of forex illiquidity and pump price that is far below landing cost.
Contrary to media reports that Dangote Refinery will only sell products to NNPCL as sole off taker, Mr Adedapo said that Dangote will sell products to other marketers once the market conditions are right for them to play, adding that NNPCL for now will act in public interest as provider of last resort as provided for in the Petroleum Industry Act.
