The Dangote Oil Refining Company, with its $19 billion refinery project, is on the verge of commencing production of petroleum products as it recently received an additional one million barrels of crude oil, as reported by VANGUARD.
This delivery comes two weeks after the refinery took delivery of the first cargo of one million barrels. The crude oil, purchased from Shell International Trading and Shipping Company Limited (STASCO), marks the first phase of the 6 million barrels expected from various suppliers.
With the total deliveries now at two million barrels, industry experts anticipate that the Dangote Refinery is gearing up to start operations.
The refinery, with a production capacity of 350,000 barrels per day, is seen as a significant milestone for Nigeria and West Africa. Nigeria, despite having over 37 billion barrels of proven reserves, has long relied on fuel imports.
The Dangote Refinery aims to change this by producing diesel, aviation fuel, liquefied petroleum gas (LPG), and premium motor spirit.
Nigerian businessman Aliko Dangote’s refinery is designed exclusively for Nigerian crude and is expected to meet the country’s entire demand for refined products, with surplus intended for export.
This move is poised to make Nigeria self-sufficient, ending its reliance on fuel imports and strengthening the economy.
It is also anticipated to contribute to regional energy security by exporting to neighboring countries.
NJ Ayuk, the Executive Chairman of the African Energy Chamber, expressed excitement about the refinery’s progress, emphasizing its positive impact on Nigeria and the West African region.
Ayuk highlighted that the facility’s operation would lead to self-sufficiency, the end of fuel subsidies, and a consistent fuel supply.
Dr. Diran Fawibe, Chairman of International Energy Services, lauded the development, stating that it would create additional job opportunities and contribute to the completion of the industry.