Kyari made this known during a press briefing at the state house in Abuja, on Tuesday, August 30, 2022.
According to him, the NNPC has access to access to 20% of the production from Dangote refinery which will begin operation next year.
He added that the refinery would increase the output from state-owned refineries to meet Nigerians’ demand for petroleum products.
He said the refinery which would begin operation next year would increase the output from state-owned refineries to meet Nigerians’ demand for petroleum products.
He said, “The NNPC owns 20 percent equity in the Dangote refinery and not only that, and we’re very proud of this. We’re not only owning 20% equity, we have the first right of refusal to supply crude oil to that plant. But we saw this energy transition challenge coming we knew at that time will come when you will look for people who will buy your crude oil you will not find and that means that we have locked down the ability to sell crude oil for 330,000 barrels minimum by right for the next 20 years.
“Also, by right, we have access to 20% of the production from that plant. That means that whatever it does, you know we have a right to take 20 per cent of that production as part of our equity and this refinery will come on stream latest by the middle of next year.
“Projection is the first quarter, but we think that it can come up latest by the middle of next year. If it does, this refinery alone, because it has a 650,000 per barrel capacity and different technology, means that it can crack the crude in a manner that you can have more gasoline than a typical refinery.
“That means that the refinery has the ability to produce up to 50 million litres of PMS. So, the combination of that and our ability to bring back our refinery will completely eliminate any potential petroleum product into this country next year. You will not see any importation into this country next year. This is very practical. This is possible”.
Kyari also said Nigeria would soon become a net exporter of petroleum products when the refineries in the country are completed.
