The Nigerian National Petroleum Company (NNPC) Limited has clarified that its stake in the Dangote Petroleum Refinery was reduced from 20% to 7.2% to invest in compressed natural gas (CNG).
NNPC’s spokesperson, Femi Soneye, made this statement during a Brekete Family programme on Monday.
In September 2021, NNPC acquired a 20% interest in Dangote refinery for $2.76 billion.
However, Aliko Dangote, Africa’s richest person, revealed on July 14 that NNPC’s stake in the refinery had been reduced to 7.2%.
Soneye explained, “The reason for reducing our stake in Dangote refinery is because we wanted to invest in CNG.
“We observed that CNG is very cheap and all over the world, people are investing in clean and cheaper alternative energy.”
He emphasised that CNG is a cost-effective option for Nigerians, he said, “If Nigerians use CNG, it will be cost-effective for them.
“That is why the NNPC is building different CNG stations everywhere. We understand that with N10,000, Nigerians can fill their cars and use it for two weeks.
“We realised that gas is cheaper in Nigeria, why don’t we invest in it since this is what people are doing all over the world?”
Regarding allegations of sabotage, Soneye denied any issues with Dangote refinery, he said , “We want all Nigerians to know that the NNPC does not have any issue with the Dangote Refinery.
“We are part of the owners of the Dangote refinery and we don’t want it to collapse.”
He added, “We invested billions of naira into the Dangote refinery. As of today, we have a 7.2 per cent stake in the refinery. So, why would we want to sabotage such a company?”
Soneye also addressed the dispute between the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and Dangote refinery,he said that the Petroleum Industry Act (PIA) does not give NNPC the power to stop the Dangote refinery.
He clarified that NMDPRA’s chief executive officer, Farouk Ahmed, speaks in his capacity as a regulator in charge of all operators in the midstream and downstream, including NNPC.
“Mr Farouk Ahmed is the head of Nigeria’s mainstream and downstream petroleum regulatory authorities.
“They have power over all refineries. Anything that has to do with the distribution of petrol, they are in charge. In fact, they are superior to the NNPC in that sector. We don’t have anything to do with them,” he said.
The dispute between NMDPRA and Dangote refinery began on July 18, when Ahmed claimed that local refineries, including the Dangote Petroleum Refinery, were producing inferior products compared to imported ones.
He also said that Dangote requested the suspension of all importation of petroleum products and directed all oil marketers to his refinery. Dangote denied these claims.
Chioma Kalu, Boluwatife Enome
Follow us on:
Governor Oyebanji has attributed Ekiti’s increased minimum wage payment to President Tinubu’s reforms, saying his…
Governor Soludo has outlined plans for Anambra to become a hub for commerce, tech, and…
The inaugural high-speed rail service between Paris and Berlin launched, promising an 8-hour journey between…
Lagos State has partnered Access Bank to deliver low-income housing in Ikorodu, with 10% down…
Veteran broadcaster Alan Jones has pleaded not guilty to 34 charges of sexual abuse.
Excerpt: Five family members, including three children, were found dead in a Utah home, with…
View Comments
TOKUNBO VEHICLE FOR SALE AT CHEAPER AFFORDABLE PRICE.OFFICER IN-CHARGE 📞 O8O__6739__9O9O
NCS RECRUITMENT/REPLACEMENT SLOT IS AVAILABLE NOW
FOREIGN RICE AVAILABLE,
Royal umbrella=18,500
Mama Gold=18,500
Royal stallion=18,500
Mama Africa=18,500
NOTE: DELIVERY CHARGES IS (#2,500)
*Clothes for bees 50kg for #35,000,100kg for #70,000 and 150kg for #120,000
📞O8O__6739__9O9O AVAILABLE CAR
Golf 2,3,4 ₦250,000 - ₦300,000
Toyota Camry 2.2 Tiny-Light ₦350,000
Toyota Camry Big-Daddy ₦450,000
Toyota Camry Muscle ₦1.9million
Toyota Camry Spider ₦1.9 million
Toyota Avelon ₦550,000
Toyota Avensis ₦500,000
Toyota Corolla ₦550,000
Toyota Matrix ₦600,000
Toyota Picnic ₦550,000
Toyota Sienna ₦750,000
Toyota Venza ₦1.8million
Toyota Rav4 ₦800,000
Toyota 4Runner ₦1.2million
Toyota Hiace-Bus ₦1.2millioin
Toyota Highlander ₦1million
Toyota Land Cruiser ₦1.3million
Toyota Tundra ₦1.4million
Toyota Prado ₦1.6million
Mercedes-Benz C-Class ₦1.750,000
Mercedes-Benz E-Class ₦1.750,000
Mercedes-Benz G-Class ₦1.800,000
Mercedes-Benz GLK ₦4million
Mercedes Benz ML350 ₦1.5 million
Nissan Altima ₦550,000
Nissan Armada ₦750,000
Nissan Maxima ₦650,000
Nissan Murano ₦1.3 million
Nissan Primera ₦500,000
Nissan Pathfinder ₦900,000
Honda Accord ₦600,000
Honda City ₦500,000
Honda Civic ₦550,000
Honda C-RV ₦650,000
Honda Crosstour ₦750,000
Honda Element ₦650,000
Honda Evilspirit ₦650,000
Honda Odyssey ₦670,000
Honda Pilot ₦800,000
Lexus Rx330 ₦850,000
Lexus Rx350 ₦1million
Lexus Rx400 ₦1.2million
Lexus Gx470 ₦1.8million
Acura TL ₦650,000
Acura MDX ₦800,000
Acura ZDX ₦750,000
Land Rover Discovery ₦1.8Million
Land Rover Freelander ₦1.6Million
Land Rover Vogue ₦2.3Million
Range Rover Sport. ₦2.2Million
TIPPER AND TRUCKS also available
NOTE : you are allowed to pay for the custom duties and clearance before the delivery take place.
Bags of cement #5,500
Delivery cost is #1,200