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By Emmanuel Addeh
The Nigerian National Petroleum Corporation (NNPC) has said there are ongoing discussions with refinery owners in the country to sell crude oil in local currency.
Chief Operating Officer, Refineries and Petrochemicals at the NNPC, Mr. Mustapha Yakubu, who spoke at the oil and gas conference in Abuja, recently, explained that the need to sell crude oil in naira was further necessitated by the scarcity of foreign exchange in the country.
He explained that some completed private refineries are yet to commence production because they were yet to conclude with the national oil company on the procurement of feedstock for their refineries.
Ahead of completion of the Dangote Oil Refinery, the Major Oil Marketers Association of Nigeria (MOMAN) has expressed an intention to engage the management of the company on commercial terms regarding the lifting of its refined petroleum products.
On the 17th of February 2021, the MOMAN CEOs had a virtual meeting with Alhaji Aliko Dangote, the President of the Dangote Group and Mr. Edwin, where the Dangote Group presented its project and which culminated to this physical site visit.
The marketers, who toured the 650,000 barrels-per-day single train refinery in Ibeju-Lekki, Lagos recently, expressed belief that the Dangote Oil Refinery would help remove the various bottlenecks associated with importation of petroleum products into the country.