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“They’ve asked us to provide office space for them since they will be supplying the crude, overseeing the production, and buying back the products in Naira.” This arrangement involves the refinery purchasing crude from the government in Naira and selling Premium Motor Spirit (PMS) in the same currency rather than in dollars.
Edwin emphasized that negotiations with the government are ongoing, particularly regarding the pricing structure for crude oil, the pricing mechanism, and the exchange rate to be used for the Naira.
“I understand that I am going to take a loss because by the time we sell the product and convert it to dollars, the exchange rate may have worsened.
“Dangote said we are going to accept this because the country desperately needs foreign exchange, and the value of the Naira is deteriorating every day..
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