"This Will Be Achieved": NNPC Boss Confirms Date Nigeria Will Begin Export of Petroleum Products
- Nigerian National Petroleum Company Limited plans to start exporting petrol by the end the 2024
- The plans hinged on the possibility that the Port Harcourt Refinery would begin production following the crude supply
- Already, Dangote Refinery had started exporting its first jet fuel cargo to Europe, and NNPC is looking to do the same
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian National Petroleum Company Limited (NNPC) has announced its plan to commence the exportation of petroleum products by December 2024.
This was disclosed by Mele Kyari, the group chief executive officer of the NNPC Limited, at the National Assembly on Monday, June 15.
Source: Getty Images
Speaking to economic stakeholders, Kyari expressed optimism that when government refineries begin to work, Nigeria will not need to import petrol again, Punch reports.
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His words:
"Yes, this country, as we have said, will be a net exporter of petroleum products by the end of this year.
"We're very optimistic that by December, this country will be a net exporter of petroleum products.
"This will be achieved through a combination of production from us, the Dangote refinery, and other smaller producing companies.
"I can confirm that by the end of the year, Nigeria will be a net exporter of petroleum products."
Refineries operation timeline
He added that in a few months, the country's oil production level would hit 2 million barrels daily, as all the enablement had already been implemented.
On the government refineries, he mentioned,
"According to Kyari, upcoming developments include the Port Harcourt refinery set to commence production early next month, followed by Warri's in subsequent months, and Kaduna's expected to be operational by December this year."
"We have consulted with several of your committees, and it's clear that the Kaduna refinery cannot be operational before December.
"Both the Warri and Kaduna refineries are expected to be ready by December, but the Port Harcourt refinery will begin production early in August this year."
Dangote confirms petrol sales in August
Earlier, Legit.ng reported that Dangote, in a chat with journalists, confirmed that petrol production had already begun.
The billionaire also revealed that petrol sales to marketers would commence from August 2024.
The refinery is expected to help reduce petrol prices from the current rate of over N700.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
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Source: Legit.ng
