The Nigerian National Petroleum Corporation (NNPC) has expressed interest in purchasing a 20 per cent minority equity stake in Dangote Refinery, Lagos, reputed to be Africa’s biggest oil refining facility and the world’s largest single-train plant.

The 650,000 barrels per day (bpd) integrated refinery, expected to process a variety of light and medium grades of crude, including petrol and diesel as well as jet fuel and polypropylene is owned by Nigeria’s Dangote Group and is worth about $15 billion.

NNPC Chief Operating Officer, Refining and Petrochemicals, Mr. Mustapha Yakubu, unfolded the investment plans yesterday at the end of a two-day Nigeria Oil and Gas Opportunity Fair (NOGOF), 2021, tagged: “Leveraging Opportunities and Synergies for Post Pandemic Recovery of the Nigerian Oil and Gas Industry.”

He spoke just as the Department of Petroleum Resources (DPR) has said it is targeting to generate and remit about N900 billion into the Federation Account in the second quarter of 2021. Yakubu said discussions were already ongoing with the Dangote Group for the acquisition of the stake.

He stated during the virtual event that the collaboration will further ensure undisrupted product supply to Nigerians when the deal materializes. He added that one of its divisions, the Greenfield Refining Projects Division (GRPD) was handling the negotiations.