#Country Updates #News #Nigeria #Upstream Exploration & Production

NNPC shops $1billion for refinery revamp

The Nigerian National Petroleum Corporation, NNPC is looking to raise $1 billion oil prepay for revamping the Port Harcourt refinery. A report by Reuters says the Corporation wants to raise the fund in prepayment with trading firms to refurbish the refinery.

Although NNPC declined to comment, however, about seven sources familiar with the discussions have confirmed the development. The sources said discussions were taking place with a range of foreign and Nigerian trading houses, including some that have previously worked with Nigeria, and asked not to be named.

Should the revamping happen, it would reduce Nigeria’s hefty fuel import bill. It would also result in Nigeria’s second oil-backed financing since the COVID-19 pandemic. According to the sources, the fund is expected to be repaid over seven years through deliveries of Nigerian crude and products from the refinery once the revamping is complete. Cairo-based Afreximbank is leading the financing.

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Source: SweetCrudeReports

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