Dangote Confirms Date to List on NGX as NNPC, FG Intervene on Crude Supply
- Dangote refinery is set to list by Q1 2024 according to information disclosed by Aliko Dangote, the richest man in Africa and president of the Dangote Group
- The fertilizer and refinery complex, located in Lagos' Lekki Free Trade Zone, was shown to the media representatives on an escorted tour
- To satisfy local demand during this farming season, Dangote announced that the fertiliser unit of the refinery will start exporting again in two weeks
Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.
Aliko Dangote, the richest man in Africa and president of the Dangote Group, revealed that the Dangote Petroleum Refinery and Fertilizer Company will list on the Nigerian Exchange (NGX) in the first quarter of 2025, allowing Nigerians to participate in the businesses.
Source: UGC
According to him, the Nigerian National Petroleum Company Limited (NNPCL) and the Federal Government assisted in resolving the refinery's problems with crude oil supply, and as a result, the refinery is now scheduled to begin producing gasoline in August 2024.
Speaking on Sunday during a media executive tour of the Dangote Petroleum Refinery and Petrochemicals in the Ibeju Lekki local government area of Lagos state, he revealed that the problem with the crude supply, which had an impact on the refinery's ability to supply gasoline, was fixed last week as a result of Federal Government intervention.
The media representatives were given a guided tour of the fertiliser and refinery facility, situated in Lagos' Lekki Free Trade Zone.
He conveyed his hope that the relevant authorities and parties will follow the Petroleum Industry Act (PIA).
IOC not supplying
Concerns over attempts by international oil corporations (IOCs) to obstruct efforts to acquire crude for the refinery have recently been voiced by Dangote Industries Limited (DIL). The Vice President, Oil and Gas at DIL, Devakumar Edwin, in June said,
“While the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) are trying their best to allocate the crude for us, the IOCs are deliberately and wilfully frustrating our efforts to buy the local crude.”
“It seems that the objective is to ensure that our Petroleum Refinery fails. It is either they are deliberately asking for ridiculous/humongous premium or, they simply state that crude is not available.
Fertiliser production
On Fertiliser production, Champion news reported that Dangote said that the refinery’s fertiliser unit would resume export in two weeks due to efforts to meet local demand this farming season. This would give farmers more access to fertiliser for their farm products.
Alhaji Dangote announced that in an effort to satisfy local demand this farming season, the refinery's fertiliser unit would resume exporting in two weeks. Farmers would have greater access to fertilizer for their agricultural output as a result.
Dangote Refinery confirms date to release petrol
Legit.ng earlier reported that Dangote Industries Limited reiterated that production of Premium Motor Spirit (PMS), commonly known as petrol, would 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.
Earlier, Legit.ng reported that Dangote refinery set July 10–15, 2024, as the dates for supplying petrol products to the Nigerian market.
Proofreading by James Ojo Adakole, journalist and copy editor at Legit.ng.
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Source: Legit.ng
