Preparatory to the completion of Dangote Oil Refinery, the Major Oil Marketers Association of Nigeria (MOMAN) has expressed intention to engage the management of the company on commercial terms regarding the lifting of its refined petroleum products.
The marketers, who toured the 650,000 barrels-per-day single train refinery in Ibeju-Lekki, Lagos recently, expressed the belief that the Dangote Oil Refinery would help remove the various bottlenecks associated with the importation of petroleum products into the country.
Speaking after a tour of the refinery complex, Managing Director 11 Plc/ Chairman MOMAN, Adetunji Oyebanji, said the marketers were eagerly waiting for the completion of the refinery, which is expected to make Nigeria self-sufficient in petroleum refining.
Oyebanji stated: “It is our desire to see our members buy refined products from Dangote Refinery, when it comes on stream. We are open to discussing commercial terms with the management of Dangote Oil Refinery regarding the lifting of refined products. The impact the refinery will have on the market chain will be changed from a situation whereby a marketer will have to wait for four to five months through imports lead time before getting products.
“The turn-around time is going to be much faster. It will be more efficient. Getting products from Dangote Refinery will also give us the possibility of getting the product by vessels or by trucking. It is going to have a positive impact on the way we do business in the downstream sector.
“Hopefully, we believe Dangote Refinery is going to result in delivering decent margins for our members; enough margins for us to begin to rebuild or/upgrade the assets in the industry”.
He said that Dangote Refinery would move Nigeria from an import-dependent nation to self-sufficiency in petroleum products.
“This refinery will move us from import-dependent in petroleum product to becoming totally self-sufficient. It will move Nigeria from a situation whereby all the products that we consume will be available locally. It is going to be a very big development and a game-changer for us and we are looking forward to its completion,” the chairman said.
Oyebanji expressed hope that the coming on stream of Dangote Refinery would facilitate the deregulation of the downstream oil sector.
“I have always agitated for the deregulation of the downstream oil and gas sector. Now, with Dangote Refinery, it makes it easier to achieve. I believe deregulation will come pretty soon the when Dangote Refinery starts working,” he said.
Chief Operations Officer, Dangote Oil Refining Company, Giuseppe Surace told the marketers that the refinery, which has been designed to process a variety of light and medium grades of crude, including petrol and diesel as well as jet fuel and polypropylene.
He said the refinery is billed to produce up to 50 million litres of petrol and 15 million litres of diesel a day, roughly 10.4 million tonnes of the product, 4.6 million tonnes of diesel, and 4 million tonnes of jet fuel yearly, in addition to having a fertiliser plant, which would utilise the refinery by-products as raw materials.
Source: The Guardian