Politics
Aliko Dangote Drops Exciting News On Refinery Launch And Ambitious Output—Discover The Official Date
Aliko Dangote Drops Exciting News On Refinery Launch And Ambitious Output—Discover The Official Date....KINDLY READ THE FULL STORY HERE▶
Written By Oshiobugie Omo-Ikirodah
Aliko Dangote has officially confirmed the startup of his long-awaited refinery in December, targeting an initial output of 350,000 barrels per day. CONTINUE READING
In an interview with the Financial Times on November 25, Dangote expressed confidence in the refinery’s potential and revealed a deal for the first cargo of approximately 6 million barrels of crude, scheduled for delivery in December 2023.
Despite facing significant challenges, Dangote emphasized the company’s successful navigation through obstacles and hinted at plans for the refinery to become an independent entity listed on the Lagos Stock Exchange. The ambitious project aims to achieve a maximum output of 650,000 barrels per day by the end of 2024.
While addressing concerns about crude oil supply, Dangote dismissed speculation about the Nigerian National Petroleum Corporation (NNPC) seeking a larger stake in the project. The refinery, with an estimated annual revenue of $25 billion, is expected to play a crucial role in driving oil demand growth, particularly in African countries heavily reliant on imported refined energy products. CONTINUE READING
The International Energy Agency (IEA) highlighted the significant impact of the Dangote refinery in its World Energy Outlook for October 2023, emphasizing its potential to transform the landscape in regions heavily dependent on imports for refined energy products. Africa presently produces around 7 million barrels of oil daily, with approximately 40% exported, making the establishment of the Dangote refinery a potential game-changer in the continent’s energy sector.
Source: Bushradiogist
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