Business Finance Nigeria Dangote Refinery Completion Date Shifted To 2021
Dangote Refinery Completion Date Shifted To 2021
Dangote Group has announced the shifting of its refinery's commissioning date to the end of first half in 2021.
According to the Dangote Group's Executive Director Devakumar Edwin, the facility upon completion, will be able to 100% need of the country and export balance.
When the company begins production, it'd be the refinery will be able to process 650,000 barrels of crude oil per day into refined petroleum products. This will help in increasing the rate of oil exportation in the country. The capacity of the refinery would go a long way towards eliminating importation of fuel from other regions into Nigeria.
Mr Edwin also stated that the Dangote refinery would not be involved in NNPC's (Nigerian National Petroleum Corporation) crude-for-fuel swap deal.
"We are going to buy the crude just at the export price and will sell our products at the import price, the crude swap is operating only for the importers of the product."
The Dangote company also has its sight on other markets which include Europe and Latin America. These markets would have diesel, gasoline and other fuels delivered to them. The diesel is expected to meet winter standard in Europe, with high quality that will make it suited for any market.
The Dangote refinery will be a problem for European refinery because they will be competing in the same West Africa market. Most of the gasoline consumed in West Africa is supplied by European refinery, and with African leaders supporting the operation of Dangote Refinery, the status quo is expected to change.
We previously reported that 5G technology will undergo a 3 months test before approval in Nigeria.
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