The Dangote Petroleum Refinery and some modular refineries in Nigeria may spend about $8.56bn to import an estimated 122,400,000 barrels of crude oil to achieve full operational capacity in six months, The PUNCH reports.
This means the refiners may spend about $1.43bn monthly on the importation of crude oil into Nigeria.
The plants may spend this much amid the uncertainty surrounding the sustainability of the naira-for-crude policy between the Nigerian National Petroleum Company Limited and the Dangote refinery, coupled with concerns about the Domestic Crude Supply Obligation of the Federal Government.
This came as it was discovered that the meeting that was earlier scheduled on Monday between the Technical Sub-Committee on the Naira-for-Crude Policy, Dangote refinery, and other government officials did not hold as planned.
Insiders familiar with the workings of the committee said the meeting was rescheduled and may be held before the Sallah break.
“The NUPRC (Nigerian Petroleum Upstream Regulatory Commission) is not done with the assignment given to it by the committee. Hence, the meeting could not be held today.”
