NNPC Pledges 221,000bpd To Repay $5.5bn Loans

The Nigerian National Petroleum Company (NNPC) Limited said it has pledged 221,000 barrels per day (bpd) of crude oil to meet its debt financing obligations, totalling $5.5 billion.

Data obtained from the 2023 Audited Financial Statement (AFS) of the national oil firm indicated that 90,000 barrels per day was pledged to service a $3.3 billion loan for Project Gazelle Forex stabilisation arranged and coordinated by the African Import Export Bank (AfreximBank).

The company also said it also pledged another 35,000bpd for a $1 billion loan to finance the Acquisition of Dangote Refinery equity stake (now fully repaid) while 67,000 barrels per day was pledged to service a $1 billion debt for the rehabilitation of old and new Port Harcourt Refinery, with 210 barrels per day refining capacity.

For Projects Brogues and Eagle 2, the report showed that 8,000bpd and 21,000bpd were pledged as payment for $0.3 billion and $0.950 billion loans to finance OML 86/88 Acquisition (now fully repaid) by the NNPC E&P Limited (NEPL) and General Corporate Purpose loan to NEPL respectively.

The NNPCL announced the release of its 2023 Audited Financial Statement (AFS) on Monday, declaring a net profit of N3.297 trillion at the close of the financial year, which ended in December 2023.

This indicated an increase of N700 billion or 28 per cent compared to the 2022 profit of N2.548 trillion.