The Nigerian National Petroleum Company Limited (NNPCL) has said it secured a $1bn loan backed by crude oil to support the coming on stream of the 650,000 barrels per day capacity Dangote Petroleum Refinery.
It also stated that the firm facilitated the $3bn Gazelle loan as a critical intervention to help stabilize the federation’s foreign exchange crisis.
The Chief Corporate Communications Officer, Mr Olufemi Soneye, said these at the Energy Relations Stakeholders Engagement in Abuja on Monday.
Recall that in January 2024, the national oil firm arranged a syndicated $3.3bn crude oil prepayment facility in partnership with Afreximbank.
The bank said the deal was the largest crude-backed facility in Nigeria and one of the largest syndicated debts raised in Africa.
Speaking during the event, the spokesperson said these initiatives are a testimony to NNPCL’s dedication to driving national development partnerships.
He said with the leadership of Mele Kyari, NNPC Ltd has achieved groundbreaking milestones, redefining the trajectory of Nigeria’s oil and gas sector.
“Under the visionary leadership of Mele Kyari, NNPC Ltd has achieved groundbreaking milestones, redefining the trajectory of Nigeria’s oil and gas sector. Additionally, Kyari facilitated the $3bn Gazelle loan, a critical intervention that helped stabilise the federation during a challenging foreign exchange crisis,” Soneye stated.
On the support for Dangote, he said, “A strategic decision to secure a $1bn loan backed by NNPC’s crude was instrumental in supporting the Dangote refinery during liquidity challenges, paving the way for the establishment of Nigeria’s first private refinery.
“This initiative underscores NNPC’s dedication to fostering public-private partnerships that drive national development.”
