Nigerian National Petroleum Company (NNPC) Limited has reduced its stake in Dangote Petroleum Refinery from 20% to 7.2% to invest in compressed natural gas (CNG), according to NNPC spokesperson Femi Soneye.
Gatekeepers News reports that Soneye explained on a Brekete Family programme that the decision was made to invest in a cleaner and cheaper alternative energy source. “The reason for reducing our stake in Dangote refinery is because we wanted to invest in CNG. We observed that CNG is very cheap and all over the world, people are investing in clean and cheaper alternative energy.”
He added that using CNG would be cost-effective for Nigerians, citing that N10,000 can fill a car and last for two weeks. NNPC is building multiple CNG stations across the country.
Soneye also denied any issues with Dangote refinery, stating that NNPC does not have the power to stop the refinery under the Petroleum Industry Act (PIA).
“We want all Nigerians to know that the NNPC does not have any issue with the Dangote Refinery. We are part of the owners of the Dangote refinery and we don’t want it to collapse.”
The NNPC spokesperson also clarified that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has regulatory oversight over all operators, including NNPC, and that any statements made by NMDPRA’s CEO, Farouk Ahmed, are in his capacity as a regulator.
