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The Nigerian National Petroleum Company (NNPC) Limited has announced a significant shift in its operations, halting the importation of refined petroleum products. According to NNPC's Group Chief Executive Officer, Mele Kyari, the company is now sourcing products from domestic refineries only.
This development is a major milestone for Nigeria's energy sector, as it marks a move towards self-sufficiency in refined petroleum products. The announcement also comes amidst claims by some petroleum marketers that they could import fuel and sell it at a lower price than that from Dangote's $20 billion refinery.
Kyari also addressed allegations that NNPC was unwilling to sell crude oil to the Dangote refinery in naira, stating that the company's decision to supply crude oil to domestic refineries was a "very informed business decision" that made no difference to the company's bottom line. The federal government of Nigeria had commenced the sale of its crude oil to Dangote Refinery and other refineries in its local currency, naira, on October 1st.
Remote Equity simplifies stock option plans for international employees, integrating with Carta for seamless cap table management.
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