NNPC’s $1b crude-backed loan supported Dangote refinery— Official

This was disclosed by the Chief Corporate Communications Officer of NNPCL, Olufemi Soneye, during an Energy Relations Stakeholder Engagement event in Abuja.

Soneye emphasized that the initiative highlights NNPCL’s commitment to promoting public-private partnerships that drive national growth and development.

He noted that under the leadership of Mele Kyari, NNPCL has achieved significant milestones that are reshaping Nigeria’s oil and gas industry. Key among these is the restart of the Port Harcourt Refinery, which marks a crucial step toward achieving energy self-sufficiency and revitalizing the country’s refining capacity.

Soneye also underscored NNPCL’s efforts to champion Compressed Natural Gas (CNG) as an alternative energy source, offering a cleaner and more affordable solution amid rising global energy costs.

“In a groundbreaking achievement, NNPCL, under Kyari’s leadership, declared a profit for the first time in decades, signifying a remarkable financial turnaround. The company has already surpassed its profit projections for 2024, reflecting the success of its transformative reforms,” Soneye said.

He further highlighted the $3 billion Gazelle loan facilitated by Kyari, which provided critical support during Nigeria’s foreign exchange crisis, helping to stabilize the economy.

“As a responsible energy company, NNPCL remains committed to strengthening Nigeria’s energy sector while cementing its role as a transformative force and global industry leader.

“Energy relations form the foundation of NNPCL’s operations and strategic goals as an integrated energy company. In today’s dynamic global energy landscape, building strong partnerships across the value chain is essential to achieving our objectives and ensuring energy security for the present and future,” he concluded.