The Nigerian National Petroleum Company Limited is seeking to squeeze the crude oil out of domestic producers, which are now raising the alarm as such a strategy could risk further driving investors from the industry.
Since the 650,000-barrels-a-day Dangote refinery was commissioned in May, it has been idle, waiting for the supply of crude oil, and now NNPC must meet its crude supply obligation or risk losing part of its equity.
According to the Ministry of Petroleum Resources in Abuja, Nigeria now runs the risk of losing a significant part of its equity in the Dangote refinery because of the failure to meet its obligations under which the equity acquisition was agreed.
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