Dangote Announces Refinery Shares Launch In March, Petrol Delivery By August

Dangote Announces Refinery Shares Launch In March, Petrol Delivery By August....KINDLY READ THE FULL STORY HERE▶

Alhaji Aliko Dangote, President and CEO of Dangote Industries Limited, has announced that the Dangote Petroleum Refinery is set to be listed on the Nigerian Exchange by March 2025. This news comes as the refinery has postponed the supply date for petrol to August 2024, following delays in crude oil supply that have now been resolved with the help of the Nigerian National Petroleum Company and the Federal Government…….. CONTINUE READING

During a recent tour of the refinery and fertilizer plants in Ibeji-Lekki, Lagos, Dangote confirmed that the refinery is expected to start petrol production in August, overcoming previous challenges. He emphasized the resolution of crude oil supply issues, stating, “The issue of crude has been settled. We hope the international oil companies will respect this agreement.”

Interestingly, Dangote clarified that the Federal Government holds only a 7.2% stake in the refinery, contrary to the previously reported 20%. This discrepancy arose due to the government’s failure to pay for the full stake.

The Vice President of Oil and Gas at Dangote Industries, Devakumar Edwin, previously accused international oil companies of deliberately inflating crude prices to undermine the refinery’s operations, stating that they were forcing the refinery to import crude from distant markets, thereby increasing costs.

Despite these challenges, Dangote’s recent statements suggest a positive outlook for the refinery. It is projected to produce 500,000 barrels per day by August 2024, increasing to 650,000 barrels per day by early 2025. This ramp-up in production is expected to generate over $26 billion in annual revenue.

The refinery, which commenced operations in 2024, has a total storage capacity of 4.5 billion liters and can meet Nigeria’s petrol needs while also positioning itself for export opportunities. Dangote aims to eliminate the country’s dependence on imported petrol by mid-2024, asserting that the refinery can supply not just Nigeria but also West and Central Africa.

Looking ahead, Dangote also revealed ongoing gas pipeline projects that are expected to stabilize gas pressure and support further investment in the sector. He reiterated that with the commencement of production, Nigeria will no longer need to import petrol, stating confidently, “We have enough gasoline to serve the entire West Africa.”

As the refinery prepares for full-scale operations, it aims to transform Nigeria’s oil landscape, ultimately reducing the nation’s reliance on imported refined products.