FG Intervenes in Refinery Crisis, Reconciles Dangote, NNPC, NMDPRA

In a bid to resolve the lingering issues surrounding the Dangote Refinery, the Minister of State for Petroleum Resources, Heineken Lokpobiri, convened a high-level meeting with key stakeholders in the oil sector on Monday in Abuja.

The meeting, attended by Aliko Dangote, Chairman/CEO of Dangote Group; Farouk Ahmed, CEO of NMDPRA; Gbenga Komolafe, CEO of NUPRC; and Mele Kyari, GCEO of NNPC, aimed to address the recent face-off between Dangote Group, NMDPRA, and NNPC.

The dispute centered on NNPC’s stake in the refinery, licenses, and diesel standards. Dangote claimed NNPC’s stake had reduced to 7.2% due to non-payment, while NNPC maintained its equity participation was capped at the paid-up sum. NMDPRA also raised concerns over licenses and diesel standards, which Dangote refuted.

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The minister’s intervention has paved the way for a collaborative resolution, ensuring the success and optimal performance of the oil and gas sector, crucial for Nigeria’s economic growth and energy security.

The meeting demonstrated the minister’s commitment to fostering a conducive environment for the oil and gas sector, with stakeholders expressing gratitude for his leadership and timely intervention.

The Dangote Refinery, with a refining capacity of 650,000 barrels per day, is expected to reduce Nigeria’s reliance on foreign fuel imports, and its resolution is a significant step towards achieving this goal

SOURCE: NAN