“We structured our equity participation on the basis that
the refinery must buy at least 300,000 barrels of crude oil per day of our
production,” Kyari told lawmakers in Abuja.
“This guarantees our market at a period when every country
is struggling to find market for their crude oil,” he said.
Nigeria produces under 2 million barrels per day and has
been seeking to attract a shrinking pool of capital for fossil fuel
development.
President Muhammadu Buhari signed into law this month an oil
overhaul bill that has been in the works for nearly two decades.
The government this month gave NNPC the green light to
acquire the stake in the oil refinery for $2.76 billion.
The NNPC has said its move to work with private companies
was in line with safeguarding the country’s energy security and would not
undercut plans to fix its own refineries.
Nigeria, Africa’s biggest crude oil exporter, imports
virtually all its fuel due to moribund state refineries, which has prompted
NNPC’s interest in Dangote’s oil refinery.
The 650,000-barrel-per-day refinery, owned by billionaire
tycoon Aliko Dangote, is under construction in Lagos, the biggest city in the
most fuel-consuming nation in the region.
The refinery is scheduled for commissioning by January.
The NNPC signed term sheets with Dangote Group in June for
the stake in its $19 billion oil refinery and is in talks with banks to borrow
to buy the stake.
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