Dangote oil refinery has reiterated that there will be supply of petrol in July as promised.
The Vice President of the Oil and Gas at Dangote Industries Limited, Mr Devakumar Edwin, stated this when he took officials of the S&P Global on a tour of the facility over the weekend.
He said the company aims to catalyse a virtuous cycle of industrial development, job creation, and economic prosperity by harnessing Africa’s abundant crude oil resources to produce refined products locally.
Edwin, while claiming that the products from the facility are of high quality and that they meet international standards, Edwin said it could meet 100 per cent of Nigeria’s demand for petrol, diesel, kerosene, and aviation fuel, with surpluses available for export.
Meanwhile, S&P Global said the Dangote refinery is capable of resolving Nigeria’s foreign exchange challenges by putting an end to fuel importation, which mounts huge pressure on the local Naira currency.
The team from the international rating agency was accompanied by officials from the Federal Ministry of Finance.
Director and Lead Analyst, Sovereign and International Public Finance Ratings, S&P Global Ratings, Ravi Bhatia, who led the delegation to Lagos, said the Dangote refinery would transform Nigeria into a net exporter of petroleum products, adding that this transformation is expected to boost revenue generation and alleviate the current pressure on the country’s foreign exchange reserves.
The S&P team commended the President of Dangote Industries Limited, Aliko Dangote, for integrating advanced technologies and quality control measures, including a state-of-the-art Central Control Unit, ensuring smooth automation of operations.
Currently operating at 350,000 barrels per day capacity, Edwin said the refinery is slated to scale up to at least 500,000 barrels per day capacity by July/August, commencing the refining of petrol and ultra-low sulphur diesel.
While noting that most refineries were built by foreign companies, he said it is a thing of pride that a Nigerian company designed and built the world’s largest single-train refinery complex while acting directly as its own Engineering, Procurement, and Construction (EPC) contractor. The refinery also incorporates a self-sufficient marine facility capable of handling the world’s largest vessels.