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Dangote Reveals $18B Investment, Refinery’s First Petrol To Hit Market In August

Dangote Reveals $18B Investment, Refinery’s First Petrol To Hit Market In August

Chairman of Dangote group Alh. Aliko Dangote has confirmed, that first Premium Motor Spirit, PMS, also called Petrol from it’s refinery will hit local market by early August,
Dangote who made the disclosure in his remarks at the official commissioning of the 650,000 barrels daily Dangote Refinery in Lagos on Monday, said a whopping sumnof $18 billion has been invested in the sector.
 He said the facility has  a capacity to process 650,000 barrels per day of crude oil (plus 900,000 tonnes of polypropylene) in a single train – which is the largest in the world. We have selected the best plants and equipment and the latest technologies from across the world.
Also, the products slate is designed to meet the highest quality standards of high-value products including Premium Motor Spirit (PMS), Automotive Gas Oil (Diesel), Aviation Turbine Kerosine (ATK); all of Euro V Standards that will enable us not only meet our Country’s demand but also to become a key player in the African and global market.
Dangote said that the country’s coastal location and offshore loading and offloading (SPM) facilities with a capacity to receive all its crude oil supplies and evacuate up to 75 per cent of  liquid products which offers the facility direct access to the rest of Africa and the global market for exports.
In addition, 80 per cent of  the refinery’s production can be discharge through trucks nationwide.
He said the group’s huge investment of over $18.5billion in the oil and gas Industry has been prompted by the  desire to support and contribute our quota to the Federal Government’s sustained effort to transform our economy and properly position our Country as the leading Nation in Africa, and a respected member among emerging economies in the world.
“This commissioning ceremony is just the beginning of a great journey, a milestone in a new and exciting trajectory for the Downstream sector of Nigeria’s Oil and Gas Industry.  It is our firm commitment that we will replicate in this sector, what we have achieved in the cement and fertilizer markets, where Nigeria transited from being the largest importer of these products to a net exporter.
“Beyond today’s ceremony, our first goal is to ramp up production of the various products to ensure that within this year, we are able to fully satisfy our nation’s demand for high quality products to enable us eliminate the tragedy of import dependency and stop, once and for all, the dumping in our market of toxic sub-standard petroleum products. Your Excellencies, Distinquished Guests, our first product will be in the market before  the end of July this year.” Dangote said.
He added that beyond this, the group intend to ensure that the plants are run at the highest capacity utilization and highest efficiency to enable us to export competitively to other markets, especially in the ECOWAS and the wider Africa Region in which 53 Countries out of 55 are dependent on imports to meet their petroleum products demand.
This is a clear opportunity for Nigeria given the African Union’s commitment to the creation of an African Common Market through the recently established African Continental Free Trade Area (AFCFTA) regime. he said.
Speaking on the refinery’s benefits Dangote said that beyond the constant availability of high-quality fuels for the Transportation Sector, the Refinery will also make available to local Industries, vital raw materials for a wide range of manufacturers in the plastics, pharmaceutical, food and beverages, packaging, construction, and many other inductries.
He added that while the Refinery operation and ancillary businesness will generate massive job opportunities,  the downstream value chain  will equally provide far more absorptive capacity for labour in hundreds of thousands.
Another benefit he noted is that once the  plant is fully onstream, we expect that at least 40 per cent of the capacity will be available for export and this will result in significant Foreign Exchange inflows into the country.
“Overall, we are committed to operating our Plant in line with international best practice. Recognizing the importance of protecting the environment, we have adopted stringent environmental, health and safety policies to ensure that the Refinery operates in a safe and sustainable manner.” he added.

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