Dangote To extend Refinery Capacity To 650,000bpd
In a transfer that can see Nigeria having the biggest petroleum refinery on the earth, Africa’s richest man and President of Dangote Group, Alhaji Aliko Dangote, has introduced that he will improve his refinery’s capability to course of 650,000 barrels per day, thus making it the single largest stream on this planet.
Dangote said though the preliminary plan was to have 450,000bpd refining capability, he had since gone again to the drawing board to have a bigger plant as a result of he believes that Nigeria as a number one producer of crude oil should even be credited with such local refining capacity.
Describing the current situation where Nigeria produces crude but goes abroad to buy refined products as unacceptable, Dangote, who spoke by his Group Government Director, Devakumar Edwin, mentioned that Dangote refinery was ready to reverse the development just because it has efficiently performed in different sectors like sugar and cement. His clarification got here even as the company’s Govt Director accountable for Stakeholders Administration and corporate Corporation, Mr. Manure Ahmed, advised stakeholders in South Africa that the refinery would run full swing as 2017.
Edwin, who spoke while receiving on behalf petroleum refinery feasibility study pdf of Dangote a group of oil and gasoline stakeholders who paid him a go to in Lagos on the weekend, additionally disclosed that the petrochemicals outfit which is being developed alongside the refinery, will even have its capacity increased from 750,000 to 3.6 million.
Based on a web based information medium, Freedom On-line, Edwin mentioned: “The whole petrochemical industry is history. No one has started with a three.6 million tonnes capability anywhere on the planet. We’re doing two million tonnes of polypropylene and 1.6 tonnes of petroleum refinery feasibility study pdf polythene which is roughly 3.6 million tonnes which is a large petrochemical complicated.
“The consumption of petrochemical products in Nigeria and inside sub Saharan Africa is quite restricted at the moment but sooner or later there might be growth. if the cement industry has not developed like this today, if we have been still living with a 3.Four million tonnes per annum capability, at the moment we’d have imported about sixteen million tonnes of cement and with which you could think about if we had imported this, it would have value the country $2 billion of overseas alternate.
“So that a lot of foreign alternate has been saved by the nation and we will imagine how much of billions of dollars the country is spending in importation of merchandise. air group pair That a lot of enormous international exchange has been conserved and the petrochemical products are exported, it would yield an enormous amount of overseas alternate for the nation even for us right now, we’re so blissful and relieved that our external investment in cement has began to yield returns, this yr we will be capable to convey back international alternate in terms of our earnings from these investments.”
He also dismissed fears that change in government policy could have an effect on the business, saying “we have witnessed so many political upheavals and by no means had any adverse impacts on our business as such as a result of our enterprise is just not dependent on any government contracts or any linkage to the federal government. Thankfully, for the businesses we are in and the best way we carry out danger evaluation, we undergo a rigorous analysis before we perform any funding. One of many explanation why we perform this very rigorous risk analysis petroleum refinery feasibility study pdf is as a result of many of the investments come from our president’s pocket and because he makes massive funding and clearly, he is not going to need his investments to be wiped out because of 1 mistake.” In the meantime, Mr. Mansur Ahmed, who stood in for Dangote on the second African Refiners Affiliation Week, lamented the continent’s dependence on imported refined petroleum merchandise to support the sturdy financial progress of the past decade. He stated because the continent continues to enjoy rapid growth, demand for petroleum products can solely proceed to extend.