Dangote Refinery Granted License to Process 300,000bpd Nigerian Crude

Africa’s wealthiest individual, Aliko Dangote, announced that his refinery has obtained a license to process over 300,000 barrels of Nigerian crude daily. Dangote emphasized the commitment to kickstart refinery operations with Nigerian crude, anticipating the production of gasoline in the near future.

In an interview during the Saudi-Nigeria business roundtable in Riyadh, Dangote expressed readiness, stating, “We’re more than ready, and you will see our gasoline products soon.” While the refinery initially aimed for production in August, Dangote assured that operations would commence “very very soon.”

The primary focus of the refinery is to supply gasoline within Nigeria before expanding exports to the West African region. Dangote Petroleum Refinery has recently initiated crude oil imports, expecting its first cargo in approximately two weeks, according to Devakumar Edwin, Executive Director of Dangote Group.

While the Nigerian National Petroleum Company Limited manages crude oil trading, the NNPCL had committed crude to other entities, not disclosed by Dangote. In August, the NNPCL announced a $3 billion crude oil-for-loan deal with the African Export-Import Bank.

The refinery, with a capacity of 650,000 barrels per day, is poised to produce significant quantities of diesel, kerosene, and jet fuel. Dangote estimated the facility to receive crude from various Nigerian producers and the state oil company.

Nigeria has observed a surge in oil output, reaching 1.49 million barrels per day, the highest in nearly two years. The introduction of a new crude grade called Nembe, managed through a joint venture between NNPC and Aiteo Eastern E&P Co. Ltd., aims to enhance the nation’s oil output despite challenges like crude theft and pipeline attacks in the Niger Delta affecting production capabilities.

SOURCE: PunchNG

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