Aliko Dangote Confirms Refinery Startup In December
Chairman of Dangote Group, Aliko Dangote confirmed his refinery startup in December 2023, saying that 350,000 barrels per day is the target
Aliko Dangote says the first goal is 350,000 bpd and affirms that the refinery will start operations in December.
Aliko Dangote, the chairman of the Dangote Group, announced that the refinery will begin operations in December 2023 and that its initial capacity will be 350,000 barrels per day.
In an interview with the Financial Times (FT) on November 25, he stated as much.
Dangote said that the eagerly anticipated refinery will begin operations with 350,000 barrels per day and that an agreement has already been reached for the first cargo, which will consist of around 6 million barrels of crude oil and be delivered in December 2023.
He declared: “We are starting with 350,000 barrels a day. The challenges that we faced, I don't know whether other people can face these challenges and even survive. It is either we sink, or we sail through. And we thank Almighty that at least we have arrived at the destination.”
Nairametrics reported on November 2 that, as part of a one-year supply arrangement, the Nigerian National Petroleum Company Limited will supply the Dangote refinery with 6 million barrels of crude oil, or 200,000 barrels of oil per day, starting next month.
Dangote expressed confidence in the refinery's capacity to reach its peak production of 650,000 barrels per day by the end of 2024 in an interview with the Financial Times.
Highlighting that the business has overcome every obstacle pertaining to the supply of crude oil, he revealed that the Dangote refinery would eventually be floated as an independent company on the Lagos Stock Exchange.
Regarding the refinery project in further detail, Dangote stated that he did not see any projects of this nature in Nigeria in the next twenty years.
He added that the project was completed for posterity's benefit rather than the company's need for praise or to minimize costs.
Dangote refuted the notion that the Nigerian National Petroleum Corporation (NNPC) was attempting to acquire a bigger share in the refinery project during the FT interview. He stated that the refinery is expected to provide a significant amount of revenue per year—about $25 billion—once it is fully operational. Dangote offered assurance that NNPC is happy with the project shares that have already been allotted to them.
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