Dangote says NNPCL can only expand its stake in his refinery after it proves its operational capacity.
Aliko Dangote, President of Dangote Group, has outlined new conditions for the Nigerian National Petroleum Company Limited (NNPCL) to expand its stake in the 650,000-barrel-per-day Dangote Refinery.
Dangote said the state oil firm must first see the plant’s full operational potential before any stake increase would be considered. “The door remains open for Nigerian National Petroleum Co. to boost its stake after the state oil company trimmed its interest to 7.2 per cent, but not before its next phase of growth is well underway,” he said in an interview with S&P Global Commodity Insights.
He also reiterated plans to list the refinery on the Nigerian Exchange Limited, adding, “We don’t want to keep more than 65-70 per cent.”
NNPCL had earlier reduced its shares in the refinery from 20 to 7.2 per cent to fund compressed natural gas investments. Meanwhile, the refinery recently experienced a fuel supply glitch, according to Bloomberg.
THIS WAS ORIGINALLY PUBLISHED ON DAILY POST