The chairman of the Dangote Refinery, Aliko Dangote, has explained why his refinery will continue to import crude from abroad, especially from other African countries.
He said the 650,000 bpd-capacity refinery will start crude imports from other African countries in October due to non-availability in Nigeria.
The Nigerian industrialist stated that his company will source crude from other African countries after importing it from the US and Brazil recently.
He disclosed this during a tour of the Dangote Refinery on Saturday, July 13, 2024.
According to reports, Africa’s richest man said he expects to purchase feedstock from the US and Brazil in the coming months.
He says talks are ongoing to secure feedstock from other oil-producing countries such as Angola, Senegal, and Libya.
He said:
Reports say Dangote said the the $20 billion refinery will release petrol into the Nigerian market in August, which analysts say might crash the commodity’s price.
The development comes as the refinery management accused international oil companies (IOCs) and local oil producers of plots to sabotage the refinery.
Devakumar Edwin, vice president of Oil and Gas at Dangote Industries Limited (DIL), accused international oil companies (IOCs) in Nigeria of trying to frustrate the survival of Dangote Refinery and Petrochemicals.
He said the IOCs deliberately and wilfully frustrate the refinery’s efforts to purchase crude oil by inflating the prime price above the market value, thereby compelling the refinery to import crude from other countries such as the US.
Meanwhile, the IOCs and other oil producers have agreed to supply crude refineries in Nigeria, ending the longstanding dispute between the producers and domestic refineries.
TimesNow.com.ng earlier reported that the Nigerian National Petroleum Company Limited (NNPCL) has clarified statements made by Aliko Dangote, Africa’s richest man, regarding its stake in the Dangote Refinery.
Dangote had disclosed that the NNPC’s shareholding in his refinery had been reduced to 7.2%, contrary to the widely held notion of 20%.
Reports claimed that the reduction was due to NNPC’s limited failure to pay the balance of funding owed to Aliko Dangote.
Proofread by Kola Muhammed, journalist and copyeditor at TimesNow.com.ng
Source: TimesNow.com.ng
