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Monday, March 4, 2024

Dangote refinery set to introduce locally refined petrol in Nigeria by August

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Dangote Group Chairman, Alhaji Aliko Dangote, has confirmed that the first refined Premium Motor Spirit (PMS), also known as petrol, from the Dangote Refinery and Petrochemicals will be available in Nigeria’s local market by the end of July and the beginning of August. The commissioning of the 650,000 barrels-per-day Dangote Refinery in Ibeju-Lekki, Lagos State, marks a significant milestone in Nigeria’s oil and gas industry. With state-of-the-art facilities and advanced technologies, the refinery aims to meet the highest quality standards and become a key player in the African and global market.

Dangote emphasized that the refinery’s product slate is designed to meet Euro V Standards, offering high-value products such as Premium Motor Spirit (PMS), Automotive Gas Oil (Diesel), and Aviation Turbine Kerosene (ATK). With a capacity to process 650,000 barrels per day of crude oil and 900,000 tonnes of polypropylene, the Dangote Refinery boasts the largest single train in the world. Its strategic coastal location and offshore loading and offloading (SPM) facilities enable direct access to Africa and the global market for exports. Furthermore, 80% of the refinery’s production can be distributed nationwide through trucks, ensuring broad coverage.

Dangote Group’s investment of over $18.5 billion in the oil and gas industry demonstrates its commitment to supporting the Federal Government’s efforts in transforming the economy and positioning Nigeria as a leading nation in Africa and among emerging economies globally. The commissioning of the refinery signifies a new chapter in Nigeria’s downstream sector. The group aims to replicate the success achieved in the cement and fertilizer markets, transitioning from the largest importer to a net exporter. By ramping up production and satisfying the nation’s demand for high-quality products, Dangote Refinery aims to eliminate import dependency and the influx of sub-standard petroleum products.

Dangote highlighted the refinery’s potential to export competitively to other markets, particularly within the Economic Community of West African States (ECOWAS) and the wider African region. With the establishment of the African Continental Free Trade Area (AFCFTA), Nigeria’s strategic positioning and Dangote Refinery’s capacity create a clear opportunity for the country. The refinery not only ensures a constant supply of high-quality fuels for the transportation sector but also provides vital raw materials for various industries, including plastics, pharmaceuticals, food and beverages, packaging, construction, and more.

The operation of the Dangote Refinery and its ancillary businesses is expected to generate massive job opportunities, providing employment opportunities for hundreds of thousands of people along the downstream value chain. Furthermore, once the refinery is fully operational, at least 40% of its capacity will be available for export, resulting in significant foreign exchange inflows into the country. Dangote Group remains committed to operating the refinery in line with international best practices, adhering to stringent environmental, health, and safety policies to ensure a safe and sustainable operation.

The upcoming launch of locally refined petrol from Dangote Refinery marks a significant milestone for Nigeria’s oil and gas industry. With its impressive capacity, adherence to high-quality standards, and strategic positioning, the refinery aims to meet domestic demand, contribute to economic growth, create job opportunities, and strengthen Nigeria’s position in the African and global markets. The Dangote Refinery is poised to play a crucial role in Nigeria’s journey towards self-sufficiency in petroleum products and reducing import dependency, while also bolstering foreign exchange inflows and promoting sustainable practices in the industry.

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