Politics
Dangote Refinery, FG Set To Begin Crude Oil Supply In October
Dangote Refinery, FG Set To Begin Crude Oil Supply In October....KINDLY READ THE FULL STORY HERE▶
The Federal Government and Dangote Refinery have reached a finalized agreement for the supply of 12 million barrels of crude oil to the refinery in October. Aliko Dangote, CEO of Dangote Refinery, confirmed this during an interview with Bloomberg TV in the United States…..CONTINUE READING
He explained that the crude supply is part of a broader agreement with the federal government to allow the refinery to process crude locally and produce petrol, diesel, and jet fuel for the domestic market. This arrangement falls under the “Crude Oil for Naira” initiative, a strategic collaboration between the Dangote Group and the Nigerian government.
“We are working on a strong partnership with the federal government to secure energy stability for the country, which will put an end to fuel shortages,” Dangote said. “The government has agreed to provide us with crude oil, and by October, they will supply 12 million barrels, equivalent to about 390,000 barrels per day. We will refine this to meet the local demand for gasoline, diesel, and aviation fuel, with any excess being exported.”
Dangote also highlighted that this agreement would help reopen 50 to 60 percent of filling stations that are currently non-operational, significantly improving fuel availability across the country.
“The agreement ensures that we sell refined products to all marketers, which will lead to the reopening of 50 to 60 percent of petrol stations that have been dormant. This will also reduce costs associated with ships anchored off the coast, saving the country over $1 billion in demurrage alone,” Dangote added.
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