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Friday, February 23, 2024

Dangote refinery secures license to process 300,000 barrels of Nigerian crude daily

Africa's wealthiest man, Aliko Dangote, announces significant progress for his refinery, poised to refine Nigerian crude and produce gasoline imminently

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In a recent interview on the sidelines of the Saudi-Nigeria business roundtable in Riyadh, Aliko Dangote shared promising developments regarding his refinery’s operations. The facility, initially slated to commence production in August, faced delays, but Dangote remains confident that it will soon be operational.

Dangote revealed that the refinery has obtained a license to process over 300,000 barrels of Nigerian crude daily. He emphasized the commitment to initiate operations with locally sourced materials, stating, “We don’t want to start our refinery with foreign goods; we want to start with Nigerian crude.”

While the refinery’s first priority is supplying gasoline to Nigeria, plans include exporting products to the wider West African region. Devakumar Edwin, the Executive Director of Dangote Group, noted that the refinery had imported crude oil, with expectations of the first cargo arriving in about two weeks.

Dangote, with an estimated fortune of $16.2 billion, provided insights into the facility’s capacity, projecting production figures of 27 million liters of diesel, 11 million liters of kerosene, and nine million liters of jet fuel daily.

Despite facing delays and challenges, Dangote expressed readiness, stating, “We’re more than ready, and you will see our gasoline products soon.” The refinery’s significance extends beyond Nigeria, with plans to contribute to the region’s energy landscape.

Meanwhile, Nigeria has increased its oil output to 1.49 million barrels per day, the highest in nearly two years. The country launched a new crude grade, Nembe, in collaboration with the Nigerian National Petroleum Company (NNPC) and Aiteo Eastern E&P Co. Ltd. The Nembe crude stream aims to bolster Nigeria’s oil output, overcoming challenges such as crude theft and pipeline attacks in the Niger Delta, which have hindered the nation’s ability to meet its OPEC quota and revenue targets.

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