Aradel Holdings' Modular Refinery Prepares to Refine Petrol in 12 Months' Time
- The CEO of Aradel Holdings, Adegbite Falade, said the company is working to ensure that it begins refining crude oil in 12 months
- Falade added that the production of fuel and other crude oil derivatives is in line with the company's commitment to diversifying Nigeria’s economy
- According to him, the development would lead to economic growth in the country
Adegbite Falade, the managing director and chief executive officer of Aradel Holdings, announced that the company would begin to refine premium motor spirit within a year during its rebranding and 30th anniversary.
Falade said the action is consistent with the company's commitment to the diversification of the Nigerian economy and the development of local content.
Source: UGC
This is after Aliko Dangote finally opened Africa's largest refinery, which can refine 650,000 barrels of crude oil daily. Read more on the 19 major facts about Dangote Refinery you should know.
Refinery with much higher capacity coming
Falade pointed out that the development involved bringing domestically produced hydrocarbons and encouraging import substitution to lessen the impact on the nation's foreign exchange (FX) earnings, according to The Guardian report.
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He said Nigerians should be prepared for a refinery that will have a much higher capacity.
We started off with pioneering the modular refinery. We started with 1,000 barrel AGO train, we've moved on to expand that to 11,000 barrels. In the future, and starting within less than 12 months from now, we are going to come on stream from the first privately owned modular refinery into the refining of PMS and the reticulation of that within the domestic economy.
The Aradel boss emphasised that the business was motivated by a firm commitment to provide sustainable energy solutions that fuel economic growth while protecting the environment with a heritage of experience and a mindset focused on the future.
Falade also mentioned that the company produces 4.6 megawatts (MWs) of electricity to power its plant, and the short-term goal is to increase the capacity to around 50MW within five years.
From NDEP to Aradel Holdings
To reflect its long-term strategy of becoming Africa's leading organisation in delivering sustainable energy solutions that support economic growth, the company, formerly known as Niger Delta Exploration and Production Plc (NDEP), changed its name to Aradel Holdings on its 30th anniversary.
Ladi Jadesimi, chairman of Aradel Holdings, said NDEP has been a prominent player in the business for decades and has a long-term perspective on energy provision, the global energy transition, and it looks for possibilities to develop technology that harnesses the many sources in Nigeria as well as other sub-Saharan nations.
Dangote says refinery currently employs 33,000 Nigerians, has vacancy for 100,000 jobs
Legit.ng earlier reported that Aliko Dangote, the chairman of the Dangote Group, revealed that when the Dangote Refinery is fully operating, it will create 100,000 employment opportunities.
The billionaire businessman said the refinery currently employs 33,000 Nigerians.
The statement suggests that the refinery will sell refined products to Nigeria in the local currency, contrary to speculations that it plans to sell in dollars.
Source: Legit.ng
