With the arrival of two million barrels of crude oil, the Dangote Oil Refining Company, a $19 billion venture, is poised to initiate petroleum product production, contributing to increased job opportunities and foreign exchange relief for the economy. This development comes on the heels of yesterday’s delivery of an additional one million barrels of crude oil to the refinery, just two weeks after the receipt of the initial one million barrel cargo.
The refinery revealed that it procured the first million barrels of Agbami crude grade from Shell International Trading and Shipping Company Limited (STASCO), a prominent trading entity in Nigeria and globally, handling over 8 million barrels of crude oil daily. This marks the initial phase of a 6 million-barrel supply from various suppliers.
The most recent shipment, discharged into the refinery’s crude oil tanks at the Single-Point Mooring (SPM), brings the total deliveries to approximately two million barrels. Oil and gas experts noted that with this substantial crude supply, the Dangote Refinery is on track to commence operations, representing a significant milestone with the potential to positively impact the economies of Nigeria and West Africa.
NJ Ayuk, Executive Chairman of the African Energy Chamber, expressed enthusiasm about the refinery’s achievement, stating, “We are excited to see that the Dangote Refinery has secured its crude cargoes. This is a significant milestone, both for the country and the West African region at large.” Ayuk emphasized the refinery’s capacity to produce 350,000 barrels per day, addressing the historical reliance on fuel imports despite Nigeria’s abundant proven reserves.
He further explained the strategic significance of the refinery, predicting the production of diesel, aviation fuel, Liquefied Petroleum Gas, and Premium Motor Spirit. Ayuk believes these products will lead to self-sufficiency, regional exports, and a transformative impact on Nigeria’s fiscal dynamics by ending fuel subsidies, stabilizing prices, and ensuring consistent supply.
The Dangote Refinery’s design exclusively for Nigerian crude aims to meet the country’s entire demand for refined products, with surplus intended for export. This commitment reflects the refinery’s pivotal role in fostering Nigeria’s economic growth and self-reliance on domestic resources. The African Energy Chamber commended the facility for reaching this milestone and eagerly anticipates the first supply of Nigerian fuel products.
SOURCE: bushradiogist.com