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The Nigerian National Petroleum Corporation NNPC, is set to have permanent office space for some of its staff that will be stationed at the refinery.
This was disclosed by the Vice-President, Oil and Gas of the Dangote Group, V. G. Edwin. The demand for office space is backed by the fact that NNPC will be supplying crude to the refinery, Overseeing the production and buying back the product in local currency,
According to a statement by Edwin, “NNPC has informed us that they intend to station a team of 6 to 10 people permanently at our refinery.
“They’ve asked us to provide office space for them since they will be supplying the crude, overseeing the production, and buying back the products in Naira.”
He further stated that discussions are still on going concerning the modalities for the supply of crude and the sale of the finished products in local currency, in this case, the Naira, instead of foreign currency. He also said that “Some unresolved issues include the pricing of crude, the pricing mechanism, and determining the appropriate exchange rate for the Naira.”
Edwin went further to state that The President of the Dangote Group, Aliko Dangote, is making a huge sacrifice by agreeing to the Federal Government proposal to sell crude in local currency despite he knowing the losses the refinery might incur. “Dangote said we are going to accept this because the country desperately needs foreign exchange, and the value of the Naira is deteriorating every day.
He further quoted Dangote to have said that “I understand that I am going to take a loss because by the time we sell the product and convert it to dollars, the exchange rate may have worsened,” Edwin quoted Dangote to have said.
