In an official statement released on Monday, NNPCL clarified that the existing contract, which facilitated crude oil sales in Naira, was designed as a six-month agreement subject to availability and is scheduled to conclude at the end of March 2025.
The company further stated that negotiations are currently in progress to establish a new contractual framework.
Since October 2024, NNPCL has delivered over 48 million barrels of crude oil to Dangote Refinery under the Naira-denominated agreement. Cumulatively, the company has supplied more than 84 million barrels to the refinery since its operational inception in 2023.
NNPCL reiterated its dedication to fostering local refining capacity and ensuring a consistent supply of crude oil under mutually beneficial terms.