The 650,000-barrel-per-day Dangote Refinery is partly owned by the Nigerian National Petroleum Company Limited (NNPCL), which intends to increase its ownership to 20%.
The Nation says that at the present Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), its Group Chief Executive Officer, Engr Bayo Ojulari, delivered the news.
According to the newspaper, “Ojulari also said the company was working towards increasing its stake in Nigeria’s Dangote refinery to 20%” while speaking at the ADIPEC energy conference in Abu Dhabi.
Launched only last year, Africa’s largest oil refinery, the Dangote Petroleum Refinery, has been struggling to compete with low-priced imports.
In anticipation of its much-anticipated initial public offering, the CEO of Nigeria’s state-owned oil company NNPC announced yesterday that the company has been working to increase openness over its performance.
The Nigerian National Petroleum Corporation (NNPC) was obligated to list within six months of the law’s passage in 2021. Although its chief financial officer stated in March that final preparations were underway, it has still not done so.
“The path to an initial public offering is mandated law. The Petroleum Industry Act (PIA) mandates the NNPC take the necessary steps to become an IPO. CEO Bayo Ojulari stated yesterday that they do not consider it a possibility.
The corporation had to become more open and honest, he said, because of the preparations.
Adding that they have been publishing their monthly performance since May of this year, Ojulari did not specify when the IPO would be.
The chief executive officer of NNPC announced last week that the company is looking for technical equity partners to help bring three of its dormant refineries back online after heavy investment.
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