‘Dangote Refinery Designed To Meet 100% Local Consumption, Exports’

Dangote Refinery has assured that it would meet 100% of Nigeria’s petroleum products needs and still export surplus products to other countries. The company’s executive director, strategy, capital projects and portfolio development, Mr. Devakumar Edwin, said in Lagos that the refinery is designed to maximise petrol output, produce enough to allow for a small surplus of that fuel for export.

He said the Dangote Refinery will also be able to send a large volume of diesel and jet fuel to international markets.

Devakimar who spoke during the inspection of the refinery by the minister of state, petroleum resources, Chief Timipreye Sylva, said, the company is confident to meet 100% of the Nigeria’s petroleum products needs and still do exports.

“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 new refinery has been designed to process varieties of crude from sweet to light crude sourced both locally, and abroad,” the Dangote Refinery chief said  

Speaking at the event, the minister of state, petroleum resources, Chief Sylva, pledged federal government support for the completion of the $12 billion Dangote Refinery, assuring that the Refinery drastically reduce the level of Nigeria’s importation of fuel. “This is one of the most impressive projects I have ever seen in Nigeria and done by Nigerians. It is a very encouraging development. For an individual to embark on such magnitude of project, it will be a wrong thing if the government and people of Nigeria do not to give him maximum support,” he said.ALSO READ

Group Managing director, Nigerian National Petroleum Corporation (NNPC), Mr. Mele Kyari, reiterated the Corporation’s stand that there would never be any competition between the national oil corporation and the Dangote Refinery. “We are not competing with Dangote but complimenting each other to boost production capacity. Our objective is the same, to make Nigeria a net exporter of crude. If we can’t do this until we have complementary activities between the private sector and government,” he said.

Kyari informed further that the NNPC is working to ensure that the Nigerian refineries work so that they will complement Dangote Refinery when the latter comes on stream, to make Nigeria net exporter of gasoline and other associated products. “ln the next five years, Dangote will add 650,000 barrels, government will add 445,000 barrels  with others companies coming up to boost capacity,” the NNPC boss said.

SOURCE: Orientenergyreview.com