Aliko Dangote, the President of Dangote Group, has introduced fresh conditions for the Nigerian Nationwide Petroleum Firm Restricted, NNPCL, to increase its stake in his 650,000-barrel-per-day petroleum refinery.
Nonetheless, he stated this may solely occur after Dangote Refinery should have confirmed to NNPCL what the plant can do.
Dangote said this in a latest interview with S&P World Commodity Insights.
“The door stays open for Nigerian Nationwide Petroleum Co. to increase its stake after the state oil firm trimmed its curiosity to 7.2 per cent, however not earlier than its subsequent part of progress is nicely underway.”
Reiterating the necessity for the refinery to be listed in the Nigerian Trade Restricted, Dangote stated he’s solely in conserving a 70 per cent stake.
“We don’t need to maintain greater than 65-70 per cent.”
In 2024, NNPCL introduced that it has trimmed its shares in Dangote Refinery to 7.2 per cent, down from 20 per cent.
The then spokesperson of NNPCL, Olufemi Soneye, had stated the state-owned agency lowered its stake in Dangote Refinery to make investments in compressed pure fuel.
In the meantime, Dangote Refinery not too long ago encountered an operational setback which resulted in a glitch in gas provide, in accordance to a Bloomberg report.
Petroleum product entrepreneurs had in a latest report complained of the non-supply of petrol after paying billions to Dangote Refinery.
