Aliko Dangote Unveils Refinery Production Date and Reveals Ambitious First Target

Aliko Dangote Unveils Refinery Production Date and Reveals Ambitious First Target. PHOTO COURTESY

Aliko Dangote, the head of the Dangote Group, has announced that his refinery, with a capacity of 650,000 barrels, is set to commence the production of refined petroleum products in December.

The billionaire disclosed that the initial objective is to achieve a daily output of 350,000 barrels from the facility.

Dangote disclosed this information during an interview with the Financial Times on Saturday, November 25, 2023.

He mentioned that the refinery, which has failed to meet two production deadlines, is set to commence operations with a daily output of 350,000 barrels.

Additionally, he confirmed that an agreement has been finalized for the initial shipment of approximately six million barrels of crude oil, scheduled for delivery in December 2023.

Aliko Dangote Unveils Refinery Production Date and Reveals Ambitious First Target. PHOTO COURTESY
Aliko Dangote Unveils Refinery Production Date and Reveals Ambitious First Target. PHOTO COURTESY

Dangote said: “We are starting with 350,000 barrels a day. I don’t know whether other people can face our challenges and even survive. It is either we sink or we sail through. And we thank the Almighty that we have arrived at the destination.”

During a visit to Saudi Arabia with President Bola Tinubu, Dangote informed investors that the refinery intends to commence production using crude supplied by the Nigeria National Petroleum Company Limited (NNPC).

Reports indicate that the NNPC received an order for six million barrels of crude oil from the refinery, with a daily total of 200,000 barrels.

Dangote expressed confidence in the facility’s capability to achieve a daily output of 650,000 barrels by the close of 2024.

The wealthiest man in Africa affirmed that the refinery has effectively addressed all issues related to crude oil supply and asserted that it will ultimately be listed on the Lagos Stock Exchange.

He rejected the idea that the NNPC was advocating for a larger share in the refinery.

Dangote asserted that, upon becoming operational, the facility would produce an annual income of $25 billion.

He emphasized that the NNPC is satisfied with its current 20% stake in the refinery.

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Written by Ateker TV

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