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NNPC to Take 20% Stake in Dangote Refinery

8/5/2021

Nigeria’s Federal Executive Council has recently approved the acquisition of a 20% minority stake by the Nigerian National Petroleum Corporation (NNPC) in the Dangote Petroleum and Petrochemical Refinery. Timipre Sylva, Minister of State for Petroleum Resources, stated that the acquisition cost figure was $2.76 billion.

Back in June, the NNPC had signed term sheets with the Dangote Group for this stake and today’s announcement pushes that new stake interest forward for the mega complex, which is due to startup in early 2022 with a capacity of 650,000 barrels per day.

The Nigerian Federal Executive Council also announced the approval of contract awards for the upcoming rehabilitation of NNPC’s Warri and Kaduna refineries to Saipem SPA for a combined sum of nearly $1.5 billion dollars for the two refineries. Back in March, Nigeria had approved $1.5 billion in spending for another of NNPC’s moribund refineries, the Port Harcourt complex.