The Nigerian Nationwide Petroleum Firm (NNPC) Ltd has signed a Fuel Sale and Buy Settlement (GSPA) with Ssonic Petroleum Ltd, to provide the corporate gasoline for 20 years.
The deal, executed on March 6, 2025, will see NNPC Fuel Advertising and marketing Ltd (NGML) and its three way partnership companion, NIPCO Fuel Ltd, provide 80 million commonplace cubic toes per day (mmscf/d) of pure gasoline to Ssonic Petroleum’s deliberate Liquefied Pure Fuel (LNG) plant within the Lekki Free Commerce Zone, Lagos State.
As contained in an announcement issued on Friday by the NNPCL’s Chief Company Communications Officer, Olufemi Soneye, the deal will contribute to the growth of Nigeria’s home gasoline provide.
He stated the settlement, which can final for 20 years, aligns with NNPC Ltd’s broader technique to advertise gasoline as a cleaner, cost-effective, and environmentally sustainable power supply.
“The NNPC Fuel Advertising and marketing Ltd, a subsidiary of the NNPC Ltd, and its Unincorporated Joint Enterprise companion, NIPCO Fuel Ltd, have executed a Fuel Sale and Buy Settlement (GSPA) with Ssonic Petroleum Ltd to provide pure gasoline to the corporate’s proposed Liquefied Pure Fuel (LNG) plant in Lekki Free Commerce Zone, Lagos State.
“Beneath the phrases of the settlement which was executed on Thursday, sixth March 2025, the NGML-NIPCO UJV will provide 80million commonplace cubic toes (mmscf) per day of pure gasoline to the Ssonic Petroleum LNG plant for a interval of 20 years,” the assertion learn partially.
By growing home gasoline utilization, the deal is anticipated to assist industrial development, financial growth, and Nigeria’s efforts to scale back its carbon footprint.
“The gasoline provide settlement is a part of efforts by the NNPC Ltd to spice up home gasoline utilization for industrial and financial development of the nation and promote the usage of gasoline as a cleaner, cheaper, and extra environmentally pleasant gasoline in step with the purpose of lowering world warming,” the assertion added.
Soneye emphasised that the deal reinforces the corporate’s dedication to positioning pure gasoline as a key driver of Nigeria’s power transition and financial development.
What you need to know
The administration of President Bola Tinubu has expressed dedication to creating Nigeria’s gasoline financial system by boosting each manufacturing and provide.
- One of many initiatives driving the gasoline financial system is the Presidential Compressed Pure Fuel Initiative (PCNGi), which is tasked with the duty of bettering gasoline mobility by means of CNG in Nigeria.
- The NNPCL and varied different oil and gasoline corporations have additionally been engaged by means of gasoline manufacturing and provide offers to make sure the supply of gasoline for home and industrial makes use of.
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