NNPC Plans to Acquire 20% Stake in Dangote Refinery
*DPR sets to remit N900bn into federation account in Q2
There are plans by the Nigerian National Petroleum Corporation (NNPC) to acquire 20 percent stake in Dangote Refinery which take-off is expected as soon as possible.
NNPC’s plan was disclosed by the Chief Operating Officer, Refining and Petrochemicals, Mr. Mustapha Yakubu, during an Oil and Gas Opportunity Fair in Lagos.
Yakubu disclosed that NNPC has started discussions on the planned stake, adding that negotiations were being handled by the Greenfield Refining Projects Division (GRPD).
According to him, “We have what we call the green field refinery and the Greenfield Refining Projects Division (GRPD) of the NNPC. What we do, our strategy is to collaborate and seek strategic partnerships with private investors.
“At the moment, we have Dangote Refinery, which is the 650,000 capacity barrels per day plus a mini 80,000 tonnes per annum petrochemical plant.
He said, “What are we doing there? I can tell you today that we are seeking to have a 20 per cent minority stake in Dangote Refinery as part of our collaboration and you know that there’s a huge quantity of crude for that refinery.
“That’s 650,000 barrels, going into a single crude distillation unit (CDU). When that comes on board, it will also wet the nation for us.”
The refinery which is worth about $15 billion investment when operational will be refining light and medium grades of crude, petrol, diesel, jet fuel and polypropylene.
Meanwhile, the Department of Petroleum Resources (DPR) has said it plans to generate and remit about N900 billion into the Federation Account in the second quarter of the year.
The Director of DPR, Mr. Sarki Auwalu, disclosed this during a strategic management session with the Nigeria Extractive Industries Transparency Initiative (NEITI) management team in Lagos.
According to him, DPR has exceeded its first quarter revenue generation target by 6.99 per cent and remitted N452 billion.
Auwulu said, “January to March, we exceeded our target by 6.99 per cent. Actual collection, first quarter, N452 billion already sent to government and between April, May and June, I think if we are lucky, we will double this.
“It is expected to be around N900 billion, which is the budgeted figure. We are trying our best to support this government to make sure that this government really works for Nigerians.”
There are plans by the Nigerian National Petroleum Corporation (NNPC) to acquire 20 percent stake in Dangote Refinery which take-off is expected as soon as possible.
NNPC’s plan was disclosed by the Chief Operating Officer, Refining and Petrochemicals, Mr. Mustapha Yakubu, during an Oil and Gas Opportunity Fair in Lagos.
Yakubu disclosed that NNPC has started discussions on the planned stake, adding that negotiations were being handled by the Greenfield Refining Projects Division (GRPD).
According to him, “We have what we call the green field refinery and the Greenfield Refining Projects Division (GRPD) of the NNPC. What we do, our strategy is to collaborate and seek strategic partnerships with private investors.
“At the moment, we have Dangote Refinery, which is the 650,000 capacity barrels per day plus a mini 80,000 tonnes per annum petrochemical plant.
He said, “What are we doing there? I can tell you today that we are seeking to have a 20 per cent minority stake in Dangote Refinery as part of our collaboration and you know that there’s a huge quantity of crude for that refinery.
“That’s 650,000 barrels, going into a single crude distillation unit (CDU). When that comes on board, it will also wet the nation for us.”
The refinery which is worth about $15 billion investment when operational will be refining light and medium grades of crude, petrol, diesel, jet fuel and polypropylene.
Meanwhile, the Department of Petroleum Resources (DPR) has said it plans to generate and remit about N900 billion into the Federation Account in the second quarter of the year.
The Director of DPR, Mr. Sarki Auwalu, disclosed this during a strategic management session with the Nigeria Extractive Industries Transparency Initiative (NEITI) management team in Lagos.
According to him, DPR has exceeded its first quarter revenue generation target by 6.99 per cent and remitted N452 billion.
Auwulu said, “January to March, we exceeded our target by 6.99 per cent. Actual collection, first quarter, N452 billion already sent to government and between April, May and June, I think if we are lucky, we will double this.
“It is expected to be around N900 billion, which is the budgeted figure. We are trying our best to support this government to make sure that this government really works for Nigerians.”
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