Chairman of Dangote Group, Aliko Dangote has announced that his refinery is poised to commence production with a capacity of 350,000 barrels per day from December.
READ ALSO: LASTMA G.M Sacked, Sanwoolu Appoints New Boss
Control TV reports that in an interview with Financial Times on Saturday, Dangote said the refinery is expecting the delivery of the first cargo of about six million barrels next month.
According to the publication, the refinery will begin production in December should Dangote refinery secure sufficient crude oil and the long-delayed plant works as it is supposed to.
“We are starting with 350,000 barrels a day,” the billionaire said.
Despite earlier challenges, including delays, Dangote expressed confidence in overcoming obstacles and mentioned that the refinery will eventually be listed as an independent entity on the Lagos Stock Exchange.
Speaking on rumours of the NNPC Limited’s inability or unwillingness to supply him with the crude his refinery needs, Dangote said he is confident NNPC will come through as the company had successfully resolved all challenges related to crude oil supply.
Commenting on NNPC’s stake in Dangote refinery and the possibility of the government-owned firm wanting more than the 20 per cent equity allocated to it, Dangote said he does not “think NNPC needs to buy more shares. I think they are okay with what we’ve given them”.
The businessman also addressed criticism raised against him that he has unduly benefited from politicians and has unfair access to foreign exchange.
“Sometimes when people talk about us, Dangote, it’s like the government is holding everybody down and allowing us alone to fly,” he said.
Dangote emphasised on the refinery’s commitment to supply petrol to Nigeria before exploring international markets.
The facility, Africa’s largest oil refinery, is a significant milestone in Nigeria’s oil and gas sector.
Dangote’s 650,000 barrels capacity refinery, which cost $19 billion, is said to be Africa’s largest oil refinery and the world’s largest single-train facility.
At the inauguration, Dangote said the facility — which is expected to produce 27 million litres of diesel, 11 million litres of kerosene and 9 million litres of jet fuel — will receive crude from other producers in Nigeria, as well as the country’s state oil company.
Providing an update earlier this month, the billionaire said the Dangote refinery had secured a license to refine more than 300,000 barrels of Nigerian crude per day and will begin to process petrol “soon”.
Dangote said there were no plans to start the refinery with foreign crude, instead, the refiner will use Nigerian crude.
(C)ControlTV2023.
