Dangote Explains Delay in Refinery's Petrol Production, Announces New Date
- Aliko Dangote has hinted at why his refinery had once again postponed the production and release of petrol into the market
- The billionaire industrialist claimed that the unfortunate fire incident at the refinery in June interrupted the planned schedule
- He, however, spoke about a new date when the premium motor spirit (PMS), better known as petrol will finally hit the market
Legit.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology and the stock market.
Aliko Dangote, the chairman of Dangote Industries Limited, announced that petrol production was interrupted by a fire incident at the company's refinery.
Initially, Dangote had projected that the refinery would start producing petrol by May 18, eliminating Nigeria's need for imports.
Source: UGC
However, by June 11, he mentioned a slight delay had pushed the start of production to July.
Fire incident postpones petrol production
During a press briefing at the Lagos refinery on Saturday, Africa's wealthiest man stated that premium motor spirit (PMS) would now be available by August.
He said:
“PMS was supposed to be out by July but we had a fire incident. The incident disrupted us for a few days but latest 10 or 12 of August, PMS will be ready.”
Dangote, also used the opportunity to refute claims of monopolistic practices, emphasising that his company competes fairly with competitors.
Recall that on Wednesday, June 26, 2024, a fire broke out at the Dangote Refinery's effluent treatment plant.
In a statement, the company revealed that none of the staff on duty sustained any injuries or bodily harm.
An industry source disclosed that the country's insurance sector, which provides coverage, is ready and able to compensate the Dangote facility once a claim is submitted.
Dangote shuns plan to invest in steel sector
In related news, Legit.ng reported that Dangote has announced that it will discontinue its plans to build a steel manufacturing firm.
The billionaire industrialist said the company’s board decided against the plan so as not to be labelled monopolistic.
He said the allegations of trying to monopolize businesses in Nigeria have become a significant discouragement.
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Source: Legit.ng
