Dangote Refinery Confirms Date for Release of Petroleum Product for Nigerians to Buy
- The vice president of Dangote Industries has announced the date for petrol production from the refinery once again
- The refinery has already started selling diesel and jet fuel, and petrol production will mark a significant achievement
- Many Nigerians believe that when the refinery begins operations, it will help reduce the price of petrol at filling stations
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Dangote Industries Limited has reiterated that production of Premium Motor Spirit (PMS), commonly known as petrol, will commence at the Dangote refinery in July 2024.
Devakumar Edwin, vice president of Oil and Gas at Dangote Industries Limited, stated this during a visit by the S&P Global team to the Dangote Refinery in Ibeju-Lekki, Lagos.
Source: Getty Images
Earlier, Legit.ng reported that Dangote refinery set July 10–15, 2024, as the dates for supplying petrol products to the Nigerian market.
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Dangote Refinery confirms date
Speaking to journalists, Edwin reiterated that the refinery is on track to fulfil its promise.
According to Punch reports, Edwin added that the refinery will harness Africa's abundant crude oil resources to produce refined products locally.
His words:
"The refinery which is currently operating at 350,000 barrels per day capacity, is slated to scale up to at least 500,000 barrels per day capacity by July/August, commencing the refining of petrol and ultra-low sulfur diesel."
S&P Global praises Dangote
Ravi Bhatia, director and lead analyst for Sovereign and International Public Finance Ratings at S&P Global Ratings, who led the delegation to Lagos, stated that the Dangote refinery would transform Nigeria into a net exporter of petroleum products.
Bhatia noted that this transformation is expected to boost revenue generation and alleviate the current pressure on the country's foreign exchange reserves.
He said:
"It is a very impressive facility, capable of processing 650,000 barrels per day at full capacity. As the largest single-train refinery complex in the world, its development was remarkably swift. Nigeria, a major exporter of crude oil, faces challenges with importing refined fuels.
"There is an opportunity in the market to refine crude domestically, which could save money and potentially conserve foreign exchange. This will positively impact the economy in the medium term. Our assessment indicates a promising outlook."
Dangote to earn $30bn from refinery, other investments
Legit.ng previously reported that Aliko Dangote, Africa's wealthiest individual, revealed his expectation that the total revenue from his businesses would surpass $30 billion by the close of 2024.
The Nigerian billionaire and founder of the Dangote Group is renowned for his extensive business empire, which includes subsidiaries specialising in a wide range of goods and services across various sectors of Nigeria's economy.
In a CNN interview, Dangote expressed that this significant growth would position the Dangote Group among the top 120 largest companies globally.
Proofreading by Nkem Ikeke, journalist and copy editor at Legit.ng.
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Source: Legit.ng
