Politics
Dangote Refinery Kickstarts, Investors Celebrate N514 Billion Surge In Wealth
Dangote Refinery Kickstarts, Investors Celebrate N514 Billion Surge In Wealth....KINDLY READ THE FULL STORY HERE▶
Investors in Dangote Group shares experienced a substantial gain of N514 billion on Tuesday following the commencement of production at the Dangote Refinery. This development prompted a surge in stock purchases as investors flocked to the Nigerian Exchange Limited to capitalize on the positive news related to the Dangote Group…….CONTINUE READING
Three subsidiaries of the Dangote Group, listed on the Nigerian Exchange Limited, collectively witnessed a remarkable increase in their market capitalization by N513.69 billion on Monday, all triggered by the announcement of the refinery’s production commencement. A video circulating on social media showcased the operational 650,000-barrels-per-day refinery, and an official announcement on Saturday confirmed the initiation of production.
Aliko Dangote, the President/Chief Executive of Dangote Group, hailed this milestone as a “game changer” and a significant accomplishment for the country, highlighting the capability to develop and deliver large-scale capital projects. The statement also addressed the anticipation of Nigerians, assuring that the refinery would enter Nigeria’s oil market before the end of January upon receiving regulatory approval.
Providing further details, the statement disclosed that the refinery had already received six million barrels of crude oil at its two single-point moorings situated 25 kilometers from the shore. The first crude delivery occurred on December 12, 2023, with subsequent cargos arriving, the latest being on January 8, 2024.
Emphasizing the advanced capabilities of the refinery, the statement outlined that it could load 2,900 trucks daily at its truck-loading gantries, ensuring that the produced products meet Euro V specifications. The refinery’s design adheres to global standards such as those set by the World Bank, US EPA, European emission norms, and the country’s oil regulator’s emission/effluent norms, incorporating state-of-the-art technology.
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