Dangote Refinery and Petrochemical is set to begin fuel exports to eight African countries, including South Africa, Angola, Namibia, Niger Republic, Chad, Burkina Faso, Central African Republic, and Ghana, The Punch reports.
Advanced negotiations are reportedly underway with these countries to start importing fuel from the refinery, which has a production capacity of 650,000 barrels per day. The refinery’s management is expected to finalize agreements soon.
Ghana has already shown interest in purchasing petrol from the $20 billion Lekki-based refinery. Mustapha Abdul-Hamid, Chairman of the National Petroleum Authority, stated that this arrangement would end Ghana’s monthly $400 million fuel imports from Europe.
However, local marketers in Nigeria have expressed their intention to import fuel from abroad, citing what they consider to be Dangote’s high prices. The Independent Petroleum Marketers Association of Nigeria and the Petroleum Products Retail Outlets Owners Association of Nigeria are waiting for approvals from the Central Bank of Nigeria and the Nigerian Midstream and Downstream Petroleum Regulatory Authority.
The regulatory authority has clarified that import licenses will be granted to individual marketers, not associations. Dr. Joseph Obele, National Public Relations Officer for PETROAN, criticized Dangote as an “aggressive competitor” and called for support to break monopolies and lower fuel prices in the Nigerian market.
SOURCE: StanDailyScripts
