Dangote Refinery is expected to achieve the first delivery of refined premium motor spirit (PMS) to the Nigerian market by September 2024, the committee on crude oil sales in naira has revealed.
This is coming after several challenges reported by the Management of Dangote Industries Limited. Among them is alleged effort of international oil companies to frustrate crude supply to its 650,000-capacity refinery
Read also:FG to commence naira crude oil sales to Dangote refinery October 1
However, Zacch Adedeji, the executive chairman of the Federal Inland Revenue Service, who spoke at the Implementation Committee meeting on the transition to Crude Oil Sales in Naira reported that the first PMS delivery from Dangote is expected next month under existing agreements.
The meeting which was led by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, reviewed progress on key initiatives, including the upcoming commencement of Naira payments for crude oil sales to the Dangote Refinery starting October 1, 2024.
The committee outlined key roles roles for stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Central Bank of Nigeria, Nigerian Upstream Petroleum Regulatory Commission and the African Export-Import Bank to ensure smooth implementation.
Read also:Dangote refinery is transforming Nigeria Into an Oil Market Juggernaut says Bloomberg
It also provided updates on the Port Harcourt and Dangote Refineries which are expected to record significant production increases from November 2024.
The Minister of Finance emphasised the need for transparency and directed the Technical Sub-Committee to finalise details and prepare a report for the president, confirming that his directives are on track for implementation from September.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
