Dangote Claims Multinational Oil Companies Are Hindering Refinery Operations With Price manipulations

Dangote Claims Multinational Oil Companies Are Hindering Refinery Operations With Price manipulations....KINDLY READ THE FULL STORY HERE▶

Aliko Dangote, Vice President of Oil and Gas at Dangote Industries Limited, has accused International Oil Companies (IOCs) in Nigeria of intentionally hindering the operations of the new Dangote Oil Refinery and Petrochemicals……….. CONTINUE READING

Speaking at a recent event organized by the Dangote Group, Edwin highlighted that IOCs are artificially inflating local crude oil prices, compelling the refinery to resort to expensive imports from countries like the United States. He also criticized the Nigerian Midstream and Downstream Petroleum Regulatory Authority for indiscriminately granting import licenses for substandard refined products.

Despite these challenges, Edwin underscored the refinery’s substantial contribution to Nigeria’s fuel export, with over 3.5 billion liters of diesel and aviation fuel exported to Europe in recent months, accounting for 90% of its production.

He emphasized the need for government support, noting that out of 25 refinery construction licenses issued by the Federal Government, only Dangote Group has successfully delivered on its commitment. Edwin expressed frustration over IOCs’ tactics to frustrate local crude purchase efforts, sometimes demanding premiums as high as $6 above market rates, thereby increasing production costs and necessitating costly imports.

He criticized the IOCs’ strategy to perpetuate Nigeria’s reliance on imported refined products, contrasting it with their export of raw materials to benefit their home countries’ economies. Edwin condemned this as exploitation and urged regulatory authorities to prioritize local refining to safeguard Nigeria’s economic interests and public health.

Despite setbacks, Edwin highlighted the refinery’s compliance with international standards, enabling it to export products globally while calling on the government and legislature to expedite the Petroleum Industry Act’s implementation to protect Nigeria’s interests.

In a broader context, Dangote reiterated his commitment to completing the $19 billion refinery project, despite challenges from local and international entities described as “mafia.” He emphasized the project’s critical importance for Nigeria and anticipated overcoming current obstacles to achieve its objectives.

Efforts to obtain responses from IOCs through industry bodies were unsuccessful at the time of reporting, while regulatory authorities sought further details on Dangote’s claims without immediate response.

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