The Dangote Refinery has announced intentions to reach a production capacity of 500,000 barrels per day by the end of July, with the goal of achieving its maximum capacity of 650,000 barrels per day by the end of the year.
Aliko Dangote, chairman of the Dangote Group, announced this in a recent interview with the Africa Report.
He clarified that the importation of US oil is not meant to replace Nigerian oil, noting that the 24 million barrels from the US equate to merely two shipments per month, constituting 10% of the refinery’s full capacity demand.
Earlier, TimesNow.com.ng reported that during the recent Africa CEO Summit in Rwanda, Aliko Dangote pledged that the Dangote Refinery would eliminate the monthly importation of approximately 1 billion litres of premium motor spirit into Nigeria once it begins selling the product in June.
He mentioned that, according to the refinery’s plans, Nigeria would no longer need to import petrol starting next month.
Dangote also asserted that his refinery is capable of meeting the petrol and diesel demands of West Africa, in addition to fulfilling the continent’s aviation fuel requirements.
Aliko Dangote stated that, unless there are any last-minute changes, the $20 billion Dangote Oil Refinery is set to be listed on the Nigerian Stock Exchange by December 2024.
As the chairman of the Dangote Group, Dangote expressed his desire for Nigerians, Africans, and other investors to become shareholders in this new venture, emphasising his wish for them to participate in what he described as a historic development.
He said:
The refinery, set to become the largest in Africa and Europe once it reaches full capacity, has begun selling diesel and aviation fuel, although its petrol has not yet entered the market.
In April, Dangote significantly reduced the price of diesel from approximately N1,500 to N1,000 per litre.
In January, the Dangote Group announced the registration of oil marketers as official distributors, including the Depot and Petroleum Products Association of Nigeria (PETROBAN), Major Oil Marketers Association of Nigeria (MOMAN), and the Independent Association Petroleum Marketers Association of Nigeria (IPMAN).
Meanwhile, Nigerians are eagerly anticipating the availability of petrol, the primary fuel used for transportation and alternative power generators.
In related news, TimesNow.com.ng reported that leading French energy company TotalEnergies had finalised an agreement to supply the Dangote Refinery with crude oil.
This announcement followed a meeting between Aliko Dangote and Patrick Pouyanne, CEO of TotalEnergies.
Pouyanne shared at the Africa CEO Forum in Kigali, Rwanda, that the two executives have progressed towards finalising the deal.
Proofreading by James Ojo Adakole, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
