Revealed: Libya finally speaks on alleged plans to export crude to Nigeria

• The Libya oil company has denied reports of planning to export crude to Nigeria
• The National Oil of Libya (NOC) denied engaging in negotiations to supply crude to Dangote or any refinery in Nigeria
• The Dangote Refinery had disclosed that it is talking with some African countries, including Libya, Angola and Senegal, for crude import

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The National Oil of Libya (NOC) has denied engaging in negotiations to supply crude oil to any local refinery in Nigeria.

The oil company disclosed this in a statement on its X account, stressing that it has no agreements to export oil to Nigeria.

Chairman of the Dangote Group, Aliko Dangote expects more crude supplies Credit: Bloomberg/Contributor
Source: UGC

Dangote plans to import crude from African countries

Libya, a significant oil producer in Africa, was identified by the Dangote Refinery management as one of the African countries from which the refinery plans to import crude oil amid a dispute with NNPC and NMDPRA.

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Legit.ng earlier reported that the Vice President of Dangote Industries Limited (DIL) claimed that the refinery was in talks with some African countries, including Libya, Angola and Senegal, to secure crude supplies for the $20 billion facility.

Libya denies plans to export crude to Nigeria

According to reports, the Libyan national oil firm denied negotiating or engaging in any talks regarding crude oil supply to an oil refinery in Nigeria.

The statement reads:

Reports say The company disclosed that prices for raw materials are determined by a committee of experts and approved by the corporation and the Ministry of Oil and Gas.

Tinubu orders sale of crude to local refineries

On Monday, July 29, 2024, President Bola Tinubu ordered the Nigerian National Petroleum Company Limited (NNPC) to sell crude oil to Dangote and other refineries in naira.

The directive by Tinubu is expected to end months of dispute between Africa’s largest refinery and Nigeria’s oil regulators.

Dangote said Nigerian oil firms supply limited crude oil, so the refinery imports crude from Brazil and the US.

Oil Marketers speak on prices of petrol from Dangote Refinery

Legit.ng earlier reported that oil marketers have disclosed that they cannot solely purchase petrol from the Dangote Refinery when it begins to sell the product to Nigerians.

The oil marketers disclosed that they will sell the product at the prevailing pump prices at petrol stations in Nigeria unless the Nigerian National Petroleum Company Limited (NNPC) intervenes.

Aliko Dangote, president of the Dangote Group, had said that the refinery would commence selling petrol in August after resolving crude oil supply challenges with the help of NNPC and the Nigerian government.

Source: Legit.ng