The President of the Dangote Group, Aliko Dangote, has said the company is expanding the storage capacity of its refinery by 600 million litres.
Speaking on Wednesday in Nassau, Bahamas, Dangote addressed the Afreximbank Annual Meetings and AfriCaribbean Trade & Investment Forum.
While the refined petroleum product storage capacity of the Dangote Petrochemical Refinery is currently 4.78 billion litres, he claimed that the development would raise the facility’s storage capacity to 5.3 billion litres.
When asked if his refinery would lower the price of gasoline at the pump, which is currently about N700 per litre, Dangote did not respond positively, but he did immediately narrate how the cost of diesel dropped from N1,700 to N1,200 as his fuel oversupplied the market.
He said:
Dangote said it is extremely risky for the nation to lack strategic petrol reserves. According to the business magnate, a refinery would be a strategic reserve for refined products.
TimesNow.com.ng reported that the true proprietors of Dangote Sinotruk West Africa, the recently opened fully knocked down CKD truck assembly facility in Lagos, have been made public by Aliko Dangote, the chairman of Dangote Industries Limited.
He said that the factory is a joint venture with a total investment of more than $100 million, with Dangote Industries owning 60%, Sinotruk China owning 30%, and Anders holding 5%. During his speech at the plant’s inauguration, he revealed this.
The governor of Lagos state, Babajide Sanwo-Olu, and Senate President Godswill Akpabio attended the opening ceremony on June 9.
Source: TimesNow.com.ng
