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The Nigerian National Petroleum Corporation(NNPC),has said that it would go ahead to acquire 20percent stake in 650,000bpd Dangote refinery.
The Managing Director of the corporation,Melee Kyari,who disclosed this during a live television programme,assured that the NNPC would recover its cost in the refinery in five years.
He stated that he was unsure if Aliko Dangote would be interested in the proposal of the corporation to buy 20 per cent stake in the private facility.
He announced that the oil firm saved over $1bn of the cost that would have been built in on the top of petroleum products imports into Nigeria.
Kyari said NNPC was able to get petrol at the pumps at about N256/litre, whereas the cost of the commodity would have been about N290/litre.
According to him,since the cost of diesel was currently N280/litre, the price of petrol would have been N10 higher than diesel price, but that NNPC had been able to bring it into Nigeria at about N256/litre.
He noted that despite the fact that NNPC was bringing in the commodity at the N256/litre rate, it had maintained the cost to marketers at about N160/litre.
According to him:“Today NNPC is the sole importer of petroleum products. We are proudly saying as a company today that we have saved over $1bn of cost that would have been built in on the top of importing petroleum products into this country.
“And this is by the fact that we have a much more transparent import process and a partnership arrangement that is ensuring that value is returned to the shareholders.”
He added, “That means, instead of having a value beyond N280/litre, we are delivering products to the pump today at N256/litre and this means that we are saving over N30/litre because of the transparency that we have put in place.
“But what we are selling to the market is about N160/litre and these reasons are very obvious.”
He said the cost of petrol would remain at the current rate until the ongoing engagements with labour on the matter were concluded.
494700cookie-checkNo Going Back On Acquisition Of 20% Stake In Dangote Refinery-NNPC
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