Libya denies crude oil supply talks with Nigeria

The National Oil Company of Libya (NOC) has firmly denied engaging in any negotiations to supply crude oil to any local refinery in Nigeria. In an official statement on its X account on Sunday, NOC clarified that it has no agreements in place to export crude oil to Nigeria.

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This comes in response to a recent statement by Devakumar Edwin, vice president of Dangote Industries Limited (DIL), who claimed that discussions were underway to secure crude for its 650,000 barrels per day (bpd) facility.

Contrary to these claims, NOC stated that no such negotiations are occurring. “The National Oil Corporation denies that it is negotiating or engaging in any talks regarding the supply of crude oil to an oil refinery in Nigeria.

The NOC remains committed to its contracts with international partners and adheres to the legal mechanisms for selling Libyan oil. We do not engage in immediate sales mechanisms,” the statement read.

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It added that “Prices for raw materials are determined by a committee of experts and approved by the Corporation and the Ministry of Oil and Gas”.

Edwin had previously told Reuters that the refinery was in discussions with Libya to import crude oil as part of its efforts to ramp up production.

H highlighted that this strategic move was intended to ensure a steady supply of crude to meet the refinery’s increasing demand.

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Beyond Libya, the Dangote refinery revealed that it is also exploring crude supply options from Angola.

“We are talking to Libya about importing crude. We will also engage with Angola and other African countries,” Edwin stated.

Despite being Africa’s largest oil producer, Nigeria grapples with issues such as theft, pipeline vandalism, and low investment. As a result, Dangote has had to import crude from distant sources like Brazil and the United States.