The Nigerian National Petroleum Company Limited (NNPCL) has confirmed its part-ownership of the Dangote Refinery.
This announcement was made by Mele Kyari, the Group Chief Executive Officer of NNPCL, during a conference hosted by the Nigerian Association of Petroleum Explorationists in Lagos.
Kyari addressed recent allegations made by Aliko Dangote, who accused NNPCL and certain industry cabals of attempting to undermine the operations of the refinery.
In a firm rebuttal, Kyari stated, "The point is very far from it and I’m going to speak to it straight. We are very proud part-owners of Dangote refinery, no doubt about it." The decision to invest in the Dangote Refinery was described as a strategic move to secure a domestic market for at least 300,000 barrels of NNPCL's daily production.
Kyari emphasized the foresight behind this investment, noting that "as time moves on, people will start struggling to find markets for their production." He highlighted the increasing global competition in the oil sector, with new oil discoveries in unexpected locations worldwide offering more choices to consumers.
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