26th March, 2022. Of the 115,000 bpd capacity, the first refinery, with a capacity of 85,000 bpd, was built in 1924, 97 years ago while the second refinery, with a capacity of 30,000 bpd, was built in 1992. . It is not the same as the acquisition of the 20 per cent stake in Dangote Refinery by the NNPC. "Negotiations have reached an advanced stage. But NNPC is not the first national oil company to buy . LAGOS, June 29 (Reuters) - Nigerian state oil company NNPC has signed term sheets with Dangote Group to buy a 20% stake in the company's oil refinery under construction in Lagos state, NNPC's director said on Tuesday. Two weeks ago, the government-owned oil company had made its intention known to be a stakeholder in the refinery being built by Africa's richest man. We are hoping to wrap up the negotiations before the refinery goes on stream. The NNPC's proposal to take a 20 percent stake in the refinery is in line with a government directive stipulating mandatory participation of the corporation in any privately owned refinery that exceeds 50,000 barrels per day capacity and the corporate objective of the corporation is designed in such a way to grow the domestic refining . Nigerian state oil company NNPC, on Tuesday, signed the term sheet with Dangote Group to buy a 20per cent stake in the company's oil refinery under construction in Lagos. That 20 per cent stake by the NNPC of course will translate to Nigeria enjoying 130,000 barrels per day (bpd) stake in the brand new 650,000 bpd Dangote Refinery for $2.76 billion, whereas . It is already higher in capacity terms than what Sinclair can . The state-owned corporation's quest for the loan may have been informed by the need to hasten the completion . The NNPC GMD spoke on Tuesday when he featured in Channels Television's 'Sunrise Daily' programme, where he hinted . By Modupe Gbadeyanka. Read more: NNPC to buy 20% stake in Dangote's oil refinery for $2.76 bln The government this month gave NNPC the green light to acquire the stake in the oil refinery for $2.76 billion. NNPC's 20 per cent stake would translate to 130, 000 barrels per day capacity from the brand new 650, 000bpd Dangote Refinery. The refinery is scheduled for commissioning by January. This is to help further ensure an undisrupted supply of petroleum products across the country when the transaction pulls through. In May, the NNPC announced that it plans to acquire a 20 percent equity stake in the private company led by billionaire Aliko Dangote. The refinery is scheduled for commissioning by January. Federal Executive Council (FEC) meeting in Abuja on Wednesday approved $2.75 billion for the Nigerian National Petroleum Corporation (NNPC) to buy a 20 per cent stake in the Dangote Petroleum and Petro-Chemical Refinery. The 650,000-barrel-per-day oil refinery, owned by Africa's richest man Aliko Dangote, is under construction in Lagos, the biggest city in the most fuel-consuming nation in the region. We are hoping to wrap up the negotiations before the refinery goes on stream. Register. The 650,000-barrel-per-day oil refinery, owned by Africa's richest man Aliko Dangote, is under construction in Lagos, the biggest city in the most fuel-consuming nation in the region. The Front-End Engineering Design (FEED) Contract is the first step towards . The 650,000-barrel-per-day oil refinery, owned by Africa's richest man Aliko Dangote, is under construction in Lagos, the biggest city in the most fuel-consuming nation in . May 27, 2021. in Energy, Spotlight. NNPC to buy stake in Dangote's refinery. ABUJA, Aug 4 (Reuters) - Nigeria has given its state oil firm the green light to acquire a 20% stake in Dangote's oil refinery for $2.76 billion, junior oil minister Timipre Sylva said on Wednesday. Nigeria has given its state oil firm the green light to acquire a 20% stake in Dangote's oil refinery for $2.76 billion, junior oil minister Timipre Sylva said. It can be recalled that last month, NNPC announced plans to acquire a 20% minority equity stake in Africa's biggest oil refining facility, Dangote Refinery, Lagos, to help further ensure an undisrupted supply of petroleum products across the country when the transaction pulls through. Nigeria is planning to pay $2.76 billion for 20 per cent shareholding in the oil facility and the Group Managing Director of . NNPC to buy stake in Dangote's refinery. Assuming that International Oil Companies (IOCs) had built refineries in the past, and NNPC acquired equity stakes like it did with NLNG and about to do with Dangote Oil Refineryinstead of running government-owned refineries, the . ABUJA (Reuters) - Nigeria has given its state oil firm the green light to acquire a 20% stake in Dangote's oil refinery for $2.76 billion, junior oil minister Timipre Sylva said on Wednesday. Some Nigerians openly charged that the deal was fraudulent and that the NNPC overpaid for the 20 percent value of the 650,000 barrels . The 650,000-barrel-per-day oil refinery, owned by Africa's richest man Aliko Dangote, is under construction in Lagos, the biggest city in the most fuel-consuming nation in [] The GMD said the nation could not afford the over $100 billion cost of constructing the refinery; hence the decision to borrow and invest. The 650,000 barrels per day (bpd) integrated refinery, expected to process a variety of light . Now to more facts: NNPC's 20 per cent acquisition stake translates to 130,000 barrels per day (bpd) capacity from the brand new 650,000 bpd Dangote Refinery for $2.76 billion whereas the comparison with Hollyfrontier only seeks to acquire 97-year-old 115,000 bpd refinery from Sinclair Oil for $2.6 billion. "There is no resource-dependent country that will watch a business of this scale, which borders on energy security and has implications for fiscal security of the . Timipre Sylva, Minister of State for Petroleum Resources, stated that the acquisition cost figure was $2.76 billion. The Nigerian National Petroleum Corporation (NNPC) has said that it plans to acquire a 20% minority equity stake in Africa's biggest oil refining facility, Dangote Refinery, Lagos. The GMD said the nation could not afford the over $100 billion cost of constructing the refinery; hence the decision to borrow and invest. Nigeria has given its state oil firm the green light to acquire a 20% stake in Dangote's oil refinery for $2.76 billion, junior oil minister Timipre Sylva said. "I don't think the people who run the country take the issues seriously enough to understand that we need to develop our own local refining capacity, even if it means empowering local small scale modular . Chief Executive Officer, ARPHL, Omotayo Adebajo said the engagement followed the conclusion of negotiations with the Nigerian National Petroleum Corporation (NNPC) to acquire a 10 per cent equity stake in ARPHL's 100,000 barrel per day refinery at the same location. Timipre Sylva, minister of state for . The Nigerian National Petroleum Corporation (NNPC) is planning to borrow $3.8 billion to actualise its agenda of acquiring a 20 per cent stake in Dangote Refinery. Nigeria has given its state oil firm the green light to acquire a 20% stake in Dangote's oil refinery for $2.76 billion, junior oil minister Timipre Sylva said on Wednesday. Dangote Refinery is an integrated refinery and . The federal executive council (FEC) has approved the sum of $2.76 billion for the acquisition of a 20 percent minority equity stake in the Dangote Refinery. Of the 115,000 bpd capacity, the first refinery, with a capacity of 85,000 bpd, was built in 1924, 97 years ago while the second refinery, with a capacity of 30,000 bpd, was built in 1992. . Some Nigerians openly charged that the deal was fraudulent and that the NNPC overpaid for the 20 percent value of the 650,000 barrels a day . It is not the same as the acquisition of the 20 per cent stake in Dangote Refinery by the NNPC. Obateru noted that the interest was solely a continuance of the status quo which states that NNPC should have a "mandatory participation" in privately-owned refineries that produce over 50,000 bpd oil daily. The 650,000-barrel-per-day oil refinery, owned by Africa's richest man Aliko Dangote, is under construction in Lagos, the biggest city in the most fuel-consuming nation in the region. Nigeria, according to the NNPC boss, needs over $12 billion to overhaul its three refineries; an amount he said cannot be raised or borrowed, now. Nigerian state oil company NNPC, on Tuesday, signed the term sheet with Dangote Group to buy a 20per cent stake in the company's oil refinery under construction in Lagos. Nigeria has given its state oil firm the green light to acquire a 20% stake in Dangote's oil refinery for $2.76 billion, junior oil minister Timipre Sylva said on Wednesday. The Nigerian National Petroleum Corporation had last Tuesday, signed the term sheet with Dangote Group, and according to the Corporation's GMD, Mele . "Negotiations have . State owned Nigerian National Petroleum Corp., or NNPC, is in advanced talks with Dangote Industries to acquire a 20% stake in the 650,000 b/d Dangote oil refinery, a company spokesman said May 27. ABUJA, Aug 4 (Reuters) - Nigeria has given its state oil firm the green light to acquire a 20% stake in Dangote's oil refinery for $2.76 billion, junior oil minister Timipre Sylva said . He declined to put a dollar figure on the stake, but said the refinery is worth an estimated $19 billion. MOMAN's intention to buy petroleum products from Dangote came following recent announcement by state oil firm, NNPC, that it would acquire 20 percent stake in the yet-to-be-completed refinery. Nigerian National Petroleum Corp. (NNPC) plans to approve overhaul . Mele Kyari said NNPC is in talks with banks to borrow on the back of its cash flow to buy the stake in the 650,000 barrel per day (bpd) refinery . The 650,000-barrel-per-day oil refinery, owned by Africa's richest man Aliko Dangote, is under construction in Lagos, the. This is to help further ensure an undisrupted supply of petroleum products across the country when the transaction pulls through. No bank will give you money to buy stake," he added. Kyari . The Nigerian National Petroleum Corporation (NNPC) has been given the approval to acquire a 20 per cent stake in the yet-to-be-completed Dangote Petroleum and Petrochemical Refinery in Lagos. He, however, described the Dangote investment as a "good . LAGOS - Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Melee Kyari, has said the corporation's proposed acquisition of 20 percent stake in the 650,000 barrels per day Dangote refinery was to guarantee energy security in the country.. When the Nigerian government last year gave NNPC the approval to buy 20 per cent stake in Dangote Refinery at $2.76 billion, the announcement was greeted with suspicions by some Nigerians. This is a deliberate move to ensure that the . 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. About $2.5 billion will be borrowed by the Nigerian National Petroleum Corporation (NNPC) to finance its quest to acquire a minority stake in Dangote Refinery set for 2022. is in talks to acquire a 20 per cent stake in the 650,000 barrels per day Dangote refinery.This was disclosed by an official of the company, S&P Global Platts, which provides benchmark prices for . NNPC is planning to hand out EPC contracts to overhaul two refineries in July and will buy a 20% stake in the Dangote refinery. The government pins its hopes of ending fuel imports largely on the completion of the Dangote refinery. NNPC Pays Initial $1bn For Stake In Dangote Refinery, Secures 20% Ownership. The government pins its hopes of ending fuel imports largely on the completion of the Dangote refinery. The Nigerian National Petroleum Corporation (NNPC) has expressed interest in purchasing a 20 per cent minority equity stake in Dangote Refinery, Lagos, reputed to be Africa's biggest oil refining facility and the world's largest single-train plant. The state-owned oil agency intends to be a minority shareholder in the company, which has the capacity to refine 650,000 barrels of crude oil daily. The investment decision by NNPC and other oil firms will cost each entity about $3 billion to purchase 20 per cent stake in the $15 billion 650,000 barrels per day(bpd) Dangote refinery This is a deliberate move to ensure that the . Lamentably, he said, seven years after, the refineries are not fixed, rather the government wants to acquire a stake in Dangote refinery. Nigerian state oil company NNPC has signed term sheets with Dangote Group to buy a 20% stake in the company's oil refinery under construction in Lagos state, NNPC's director said on Tuesday. He declined to put a dollar figure on the stake, but said the refinery is worth an estimated $19 billion. NNPC Group Managing Director . NNPC's proposed deal with Dangote Oil Refinery will reproduce another NLNG model in the downstream sector. But NNPC is not the first national oil company to buy . When the Nigerian government last year gave NNPC the approval to buy a 20 per cent stake in Dangote Refinery at $2.76 billion, the announcement was greeted with suspicions by some Nigerians. Dangote Refinery, 650,000 barrels-per-day largest single train facility, has installed . Mele Kolo Kyari, the group managing director of the Nigerian National Petroleum Corporation has justified the plan to buy a 20 percent stake in the $11 billion Dangote refinery. It will cement the bond of much-needed business collaboration that will close ugly chapter of the petrol crisis in the country. Lamentably, he said, seven years after, the refineries are not fixed, rather the government wants to acquire a stake in Dangote refinery. Mele Kyari said NNPC is in talks with banks to borrow on the back of its cash flow to buy the stake in the 650,000 barrel per day (bpd) refinery. By Teddy NwanunobiThe Nigerian National Petroleum Corporation (NNPC) is said to be in advanced talks with Dangote Industries to acquire a 20 per cent stake in the 650,000-barrel per day (bpd) Dangote Refinery."Negotiations have reached an advanc NNPC's spokesman, speaking to Reuters in a phone interview, said the corporation had considered the idea of acquiring a stake in the $19.5 billion oil refinery project owned by Africa's richest . This means the refinery has been valued at $13.75 billion. ABUJA, Aug 4 (Reuters) - Nigeria has given its state oil firm the green light to acquire a 20% stake in Dangote's oil refinery for $2.76 billion, junior oil minister Timipre Sylva said on Wednesday. Nigeria has given its state oil firm the green light to acquire a 20% stake in Dangote's oil refinery for $2.76 billion, junior oil minister Timipre Sylva said. The NNPC last year reached a deal with Dangote Oil Refining Ltd valued at $2.76bn to acquire 20 per cent ordinary shares of 200,000 units put of the 1,000,000 total units in Dangote Oil. "I don't think the people who run the country take the issues seriously enough to understand that we need to develop our own local refining capacity, even if it means empowering local small scale modular . There is a valuation process, it is very international and very regulated. "I don't think the people who run the country take the . We are taking 20 per cent equity of the Dangote Refinery. Of the 115,000 bpd capacity, the first refinery, with a capacity of 85,000 bpd, was built in 1924, 97 years ago while the second refinery, with a capacity of 30,000 bpd, was built in 1992. . Lamentably, he said, seven years after, the refineries are not fixed, rather the government wants to acquire a stake in Dangote refinery. NNPC's spokesman, speaking to Reuters in a phone interview, said the corporation had considered the idea of acquiring a stake in the $19.5 billion oil refinery project owned by Africa's richest man, Aliko Dangote. According to the NNPC GMD . The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, has said the decision to buy the 20 per cent stake in the Dangote refinery was to ensure . Nigerian state oil company NNPC has signed term sheets with Dangote Group to buy a 20% stake in the company's oil refinery under construction in Lagos, NNPC's Managing director said on Tuesday. The 650,000-barrel-per-day oil refinery, owned by Africa's richest man Aliko Dangote, is under construction in Lagos, the biggest city in the most fuel-consuming nation in [] The Nigerian National Petroleum Corporation (NNPC) has said that it plans to acquire a 20% minority equity stake in Africa's biggest oil refining facility, Dangote Refinery, Lagos. ABUJA (Reuters) - Nigeria has given its state oil firm the green light to acquire a 20% stake in Dangote's oil refinery for $2.76 billion, junior oil minister Timipre Sylva said on Wednesday. Nigeria has given its state oil firm the green light to acquire a 20% stake in Dangote's oil refinery for $2.76 billion, junior oil minister Timipre Sylva said on Wednesday. State owned Nigerian National Petroleum Corp., or NNPC, is in advanced talks with Dangote Industries to acquire a 20% stake in the 650,000 b/d Dangote oil refinery, a company spokesman said May 27. The 650,000-barrel-per-day oil refinery, owned by Africa's richest man Aliko Dangote, is under construction in Lagos, the biggest city in the most fuel-consuming nation . S&P Global Platts had reported on Thursday that the NNPC was in advanced talks with Dangote Industries to acquire a 20 per cent stake in the 650,000 bpd Dangote oil refinery. The 650,000-barrel-per-day oil refinery, owned by Africa's richest man Aliko Dangote, is under construction in Lagos, the. At an estimated valuation of $19 billion, the Group Managing Director of NNPC, Mele Kyari, yesterday, said that discussions are ongoing and the 20 per cent stake will be acquired once the final . Timipre Sylva, minister of State for Petroleum Resources, briefed State House correspondents He, however, described the Dangote investment as a "good . Dangote Refinery is a 650,000 barrels per day integrated refinery and petrochemical project under construction in the Lekki Free Zone in Lagos, Nigeria. The Nigerian National Petroleum Corporation (NNPC) is in talks to acquire a 20 per cent stake in the 650,000 barrels per day Dangote refinery.This was disclosed by an official of the company, S&P Global Platts, which provides benchmark prices for commodity markets around the world, reported Thursday.The Dangote oil refinery is an integrated project under [] S&P Global Platts had reported on Thursday that the NNPC was in advanced talks with Dangote Industries to acquire a 20 per cent stake in the 650,000 bpd Dangote oil refinery. Yes, the Nigerian government through NNPC, the national oil corporation, is planning to acquire 20% of equity in Dangote Refinery: "I can tell you today that we are seeking to have a 20 per cent minority stake in Dangote Refinery as part of our collaboration and you know that there's a huge quantity of crude for that refinery.". Nigeria has given its state oil firm the green light to acquire a 20% stake in Dangote's oil refinery for $2.76 billion, junior oil minister Timipre Sylva said last week. Mele Kyari said NNPC is in talks with banks to borrow on the back of its cash flow to buy the stake in the 650,000 barrel per day (bpd) refinery. The Nigerian National Petroleum Corporation, NNPC, is said to be making moves to borrow about $2.5 billion from the African Export-Import Bank (Afreximbank) to buy a 20% stake in the 650,000 barrels per day Dangote Refinery in Lagos. As Chinua Achebe will write, proverbs are like the kola nuts upon which words are eaten. 3 min read. Nigeria, according to the NNPC boss, needs over $12 billion to overhaul its three refineries; an amount he said cannot be raised or borrowed, now. The Hollyfrontier deal alongside its . is in talks to acquire a 20 per cent stake in the 650,000 barrels per day Dangote refinery.This was disclosed by an official of the company, S&P Global Platts, which provides benchmark prices for . But NNPC is not the first national oil company to buy . S&P Global Platts had reported on Thursday that the NNPC was in advanced talks with Dangote Industries to acquire a 20 per cent stake in the 650,000 bpd Dangote oil refinery. "Negotiations have reached an advanced stage. Its reason was shared in a statement issued by the corporation's Group General Manager Group Public Affairs Division, Kennie Obateru. admin April 27, 2022. This is why the NNPC intention to acquire a minority equity stake in Dangote Oil Refinery, is a masterstroke at this point in time. According to the NNPC . The Nigerian National Petroleum Corporation (NNPC) has insisted that the country must be on the board of the yet-to-be-completed Dangote Petroleum Refinery in Lagos by acquiring a stake in the firm. It is not the same as the acquisition of the 20 per cent stake in Dangote Refinery by the NNPC. The Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Mele Kyari, explained why the national oil company was purchasing a stake in Dangote oil refinery.