Refinery Owners Seek FG Support To End Fuel Imports as Another Company Begins Refinery Construction
- Local refinery owners, including Dangote, have expressed commitment to ending fuel imports within 18 months
- They noted that this is possible only if the Federal Government of Nigeria provides the necessary support
- The Dangote refinery has confirmed that starting in August, it will begin the sale of petroleum products to Nigerians
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.
Owners of local refineries in Nigeria, including the Dangote Petroleum Refinery have set a timeline to end importation of refined petroleum products within 18 months.
However the plan can only be actualised if the federal government is ready to provide the needed support.
Source: Getty Images
Eche Idoko, the public secretary of Crude Oil Refiners Association of Nigeria (CORAN) who made the remark said the potential of existing and upcoming refineries is enough to meet the nation's fuel demands.
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Idoko highlighted that alongside the 650,000-barrel-per-day capacity of the Dangote Petroleum Refinery, several other refineries at various stages of completion could significantly boost local production.
His words:
"In 18 months, with government support for our programs and plans, we can entirely eliminate petroleum product imports."
Refineries can end inflation
Idoko also said that the working refineries can help Nigeria's rising inflation and kick of the revival of the economy.
He added:
"Addressing fuel prices is pivotal to controlling inflation. Engaging local refineries will be critical in this effort."
Oil company begins refinery construction
MidOil Refining and Petrochemicals Company Limited has performed a sod-turning ceremony to mark the commencement of construction refinery activities in Lagos.
MidOil’s chairman, Elizabeth-Omolara Akintonde, took dignitaries to the project site, spanning various Ikosi/Ejinrin Local Council Development Area communities.
Akintonde assured leaders and community members that the refinery would transform their areas by bringing development and creating direct and indirect jobs.
Dangote refinery is bigger than 10 biggest refineries in Europe
Legit.ng earlier reported that the Dangote refinery's capacity has been ranked as one of the biggest in the world, including the ten biggest refineries in Europe.
The $20 billion Dangote refinery located in Lagos state can refine 650,000 barrels of petroleum products per day.
Bloomberg reports that the Dangote Refinery's capacity is larger than that of the ten largest refineries in Europe.
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Source: Legit.ng
