Dangote accuses IOC of manipulating oil prices and plotting to bankrupt refineries

Dangote accuses IOC of manipulating oil prices and plotting to bankrupt refineries


The Vice President, Oil and Gas, Dangote Industries Limited (DIL), Mr Devakumar Edwin, has accused International Oil Companies (IOCs) in Nigeria of doing everything possible to sabotage the survival of Dangote Oil Refining and Petrochemicals Company.

Edwin said IOCs were deliberately sabotaging refineries’ efforts to buy locally produced crude oil by inflating prices at high premiums above market prices, thereby forcing them to import crude oil from far-flung countries like the United States, which entails high costs.He disclosed this to a group of energy editors at a one-day training programme organised by the Dangote Group.

Edwin also lamented the practice of the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in indiscriminately granting licences to dealers to import contaminated refined products into the country.

“The Federal Government issued 25 licences to build refineries but we are the only ones who have delivered on that promise. We deserve virtually every support from the government. We are pleased that since production began, over 3.5 billion litres, or 90 per cent of our production, has been exported. We call on the Federal Government and regulators to give us the support we need to create jobs and prosperity for the country.”

He stressed that while the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is doing its utmost to allocate crude oil, the IOCs are deliberately and knowingly sabotaging our efforts to buy domestic crude oil.

Source: guardian.ng

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