Mr Aliko Dangote who is the Chief Executive Officer of Dangote Refinery while briefing journalists in Lagos State has revealed that the Nigerian National Petroleum Corporation now owns only a 7.2 per cent stake in the refinery from the initial 20 per cent.

The Vice President of Oil and Gas at Dangote Industries Limited, Devakumar Edwin accused International Oil Companies in Nigeria of plans to frustrate the survival of the new Dangote Oil Refinery and Petrochemicals during a one-workshop

The Nigerian Midstream and Downstream Petroleum Regulatory Authority was accused by Mr Edwin of granting licences indiscriminately to marketers to import dirty refined products into the country.

He admitted that the Nigerian Upstream Petroleum Regulatory Commission was trying its best to allocate crude oil for the 650,000-capacity refinery, “the IOCs are deliberately and willfully frustrating our efforts to buy the local crude.”

This, he said, was done by hiking the cost above the market price, thereby forcing the refinery to import crude from countries as far as the United States, with its attendant high costs.

As reported last week, the Federal Government and crude oil producers in Nigeria have shown commitment to working towards a sustainable supply of crude oil to local refineries under a market-determined pricing system.

The Nigeria Upstream Petroleum Regulatory Commission (The industry regulator) has directed oil refiners in the country to provide monthly price quotes on crude supply.

In response to the announcement of a reduction in stake in Dangote Refinery from 20% to 7%, Mr, Femi Soneye, the Chief Corporate Communications Officer of NNPC said that the decision to reduce their investment was carefully considered and communicated several months ago to Aliko Dangote.

Mr Femi revealed that the NNPC Limited periodically assesses its investment portfolio to ensure alignment with the company’s strategic goals.