By Abiola Olawale
The Nigerian National Petroleum Company Limited (NNPCL) has revealed reasons why it only has only 7.2 per cent of assets in Dangote Refinery and Petrochemicals owned by Africa’s richest man and business mogul, Alhaji Aliko Dangote.
The company said it had decided several months ago to cap its investment at the amount already paid rather than the 20 per cent stake which had been publicly publicised.
NNPCL spokesperson, Olufemi Soneye disclosed this in a terse statement issued on Monday.
“Several months ago, we made a commercial decision to cap our investment at the amount already paid.
“This decision was taken by NNPC Ltd and has no impact on our business,” Soneye said in the statement.
This is coming shortly after Dangote spoke with the press during a tour of the 650, O00 barrels per day (bpd) refinery, and revealed that the national oil company owned only 7.2 per cent of the asset.
Dangote said: “The agreement we had with the NNPC was 20 per cent, but they didn’t pay the balance of the money as of last year. Then we gave them another extension up till June this year, but they later said they would remain with what they have already paid, which is 7.2 per cent.
“So, NNPC and the government own only 7.2 per cent of the refinery. For me that is okay.”
The New Diplomat reports that the refinery sited in Lagos had commenced operations last December with 350,000 barrels a day.
Though the refinery has begun the supply of diesel and aviation fuel to marketers in the country, it is yet to supply fuel.
When in full operation, the Dangote refinery is expected to significantly reduce Nigeria’s dependence on imported petroleum products.
Oil marketers have also expressed optimism that the price of petrol would drop significantly when Dangote Refinery start supplying the product.
The price of fuel is expected to be lower than the current retail prices of the imported refined product which range from N568 to N700 depending on the part of the country.
