Sahara News
Breaking News in Nigeria and World wide

Dangote Refinery To Meet 100% In-country Consumption Requirement

A report from Dangote Industries Limited said that its to be soon commissioned Refinery will meet 100 per cent of the Nigerian requirement of all liquid products (Gasoline, Diesel, Kerosene & Aviation Jet) and also would have surplus of each of these products for export.

In its report titled ‘Facts Sheet on Dangote Petroleum Refinery’ said that “Dangote Petroleum Refinery is designed for 100 per cent Nigerian Crude with flexibility to process other crudes; self-sufficient Marine facility with ability for freight optimization; largest single order of five SPMs anywhere in the world; and Diesel & Gasoline Products from the refinery will conform to Euro V specifications.

“The refinery design complies to World Bank, US EPA, European emission norms and Department of Petroleum Resources (DPR) emission / effluent norms; state- of- the- art technology; and designed to process large variety of crudes including many of the African Crudes, some of the Middle Eastern Crudes and the US Light Tight Oil.”

It noted that the Dangote Refinery Plant is a legacy project that will see Nigeria netting 21 billion dollars per annum.

ALSO READ:  President Tinubu Meets Emefiele At The Presidential Villa

Group executive director, Strategy, Portfolio Development & Capital Projects, Dangote Industries Limited, Devakumar Edwin recently said the refinery complex, which includes a refinery, petrochemical plant, a fertiliser plant and a subsea pipeline project, is the largest single-train refinery in the world.

He stated that the 650,000 barrels-per-day refinery would stimulate economic development in Nigeria. According to Edwin, Dangote Petroleum Refinery can meet 100 per cent of the Nigerian requirement of all liquid products (Gasoline, Diesel, Kerosene and Aviation Jet), and also have surplus of each of these products for export.

He stated that this would create a market for $11 billion per annum of Nigerian crude and foreign exchange savings/earnings $9.9 billion. He noted that, “we have impacted on job creation with 3,580 Nigerian personnel on site, excluding employment by the various contractors and subcontractors at the site.”

Also, president of the African Development Bank (AfDB), Akinwumi Adesina described Dangote Refinery projects as the best industrialised project to happen to Africa, saying this project would positively affect the economic growth and development of not only Nigeria but Africa as a continent.

ALSO READ:  Former IPOB ally Simon Ekpa recruiting criminal gang in South-East, says Imo Group

Adesina added that “These projects will reverse the huge sum the nation spends on foreign exchange, when you look at how much we import, it is about $57 billion worth of different products and we export only about $50.4 billion, so we have to balance that with about $7 billion and talking to them here, they showed us that they can have a domestic market of about $11 billion and that is an incredible market and that will save Nigeria about $9 billion dollars, a year from importing petroleum products, so this is huge for Nigeria and even for Africa as a continent.”

Director-general of Lagos Chamber of Commerce and Industry (LCCI), Dr. Chinyere Almona said “with a few days to the inauguration of Dangote Refinery, the Chamber commend the efforts of its visioner, Alhaji Aliko Dangote, and the supportive federal government.

“Expected to be Africa’s biggest oil refinery and the world’s single-trained facility, the Dangote Refinery has a capacity of 650,000 barrels per day, sufficient to meet Nigeria’s need for refined petroleum products.”

She said “LCCI views the Refinery’s impact on the Nigerian economy as significant. It will save and generate foreign exchange. The Refinery will create jobs, positively affect the value of the Naira, broaden prosperity for the downstream sector, and provide growth opportunities for businesses. It will also stimulate economic growth by impacting the country’s balance of payments.

ALSO READ:  BREAKING: Supreme Court Strikes Out Buhari, Malami’s Suit On Electoral Act

“In addition, the Chamber expects the Refinery to fuel further growth and development across its value chain, including cosmetics, plastics, textiles, among others. We also see room for the development of added value in agribusiness, including the Sugar Backward Integration projects that plan to create a strong localized supply in the sugar industry, benefiting local suppliers across the sugar value chain.”

Almona noted that this initiative presents Nigeria as an attractive investment destination for local and foreign investors, urging the government to strengthen its commitment to creating an enabling environment for businesses.

Dangote refinery is a 650,000 barrels per day (bpd) integrated refinery and petrochemical project under construction in the Lekki Free Zone, Lagos, Nigeria. It is expected to be Africa’s biggest oil refinery and the world’s biggest single-train facility.

Get real time updates directly on you device, subscribe now.

Leave A Reply

Your email address will not be published.

error: Content is protected !!