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NNPC is set to buy a 20% stake in Dangote’s oil refinery for $2.76 billion

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August 5 2021

The Minister of State for petroleum Timiper Sylva stated on Wednesday that Nigeria has given its state oil company the green light for the acquisition of $2.76 billion of 20% share in Dangote’s oil refinery.

In Lagos, the largest city in the fuel-consuming region, the 650,000-barrel/day oil refinery owned by the African richest man, Aliko Dangote. The refinery will be in operation until January.

Sylva told reporters in Abuja, that the country had awarded contracts to upgrade two state-owned refineries, and that the Nigerian National Petroleum Corporation (NNPC) acquisition was approved by government at a cabinet meeting.

The NNPC said its move to work with private enterprises would not undermine plans to restructure its own refineries, as well as to protect energy security in the country.

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