Politics
Public Outcry As Dangote Refinery Ditches Naira To Sell Fuel To Nigerians In Dollars, Targets….2023 for Petrol Production
Public Outcry As Dangote Refinery Ditches Naira To Sell Fuel To Nigerians In Dollars, Targets….2023 for Petrol Production....KINDLY READ THE FULL STORY HERE▶
Written By Oshiobugie Omo-Ikirodah
Dangote Refinery is gearing up to start its petrol refining operations by November 30, 2023, while diesel and jet fuel operations are set to commence a month earlier in October 2023. This information was disclosed by the group’s Executive Director, Devakumar Edwin, in a recent interview with S&P Global Commodity Insights. CONTINUE READING
A significant highlight of the conversation was the revelation that transactions for the refinery’s products would be conducted in US dollars instead of the Nigerian Naira. This choice stems from the refinery’s location in a free trade zone on the fringes of Lagos.
Edwin further mentioned that the refinery is prepared to receive its first crude shipment within the next two weeks. The initial operational target is the production of up to 370,000 barrels per day of diesel and jet fuel. This will subsequently be ramped up, with the refinery aiming to refine an astounding 650,000 barrels of petrol daily by the end of November.
Addressing the shift in the original timeline, Edwin attributed it to the Nigerian National Petroleum Corporation Limited’s (NNPCL) prior commitment of their crude oil to another entity. However, he assured that by November 2023, the Dangote Refinery would primarily refine Nigerian crude oil, which will be acquired in US dollars. The refinery is also set to enjoy some cost benefits due to NNPCL’s equity involvement, as they would supply certain crude quantities at reduced prices. CONTINUE READING
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Edwin also emphasized the refinery’s versatility, highlighting its capability to process a broad spectrum of African crudes, Middle Eastern Arab Light, and even US light-tight oil.
Setting his sights on the future, Edwin envisions jet fuel exports to Europe, while diesel is anticipated to cater to the demands of sub-Saharan Africa.
The upcoming months will be crucial as stakeholders keenly watch how the Dangote Refinery reshapes the oil landscape in Nigeria and the larger African continent.
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