Dangote refinery to sell petrol to Nigeria – moneyamebo

Date:

  • Dangote Refinery is finally set to commence production by October 2023 after several delays
  • Dangote Refinery has dislcosed that the refined petroleum products will be sold to Nigerians in Us dollars
  • Dangote refinery is expected to solve Nigeria’s long time problem of importation of petroleum products

Dangote Refinery is preparing to start production of petroleum products in October, 2023.

Devakumar Edwin, the Group Executive of Dangote Refinery, disclosed that the refinery would begin refining diesel and jet fuel by October 2023. He explained that the facility would start refining petrol by November, 2023.

Dangote Refinery set to begin operation Photo credit: Dangoterefinery
Source: Facebook

Edwin, speaking in an interview with S&P Global Commodity Insights noted that the company is ready and is waiting to receive its first crude to begin refining.

Edwin stated that the facility would begin by producing up to 370,000 barrels per day of diesel and jet fuel in October 2023 and gradually ramp up production to meet the 650,000 barrels per day by November 30.

He said:

“Right now, I’m ready to receive crude. We are just waiting for the first vessel. And so, as soon as it comes in, we can start.””

Dangote refinery to sell in dollars

Speaking further, Edwin revealed that oil refined in the facility would be bought in US dollars, not naira.

He explained thatt the refinery’s location is in a free trade zone which makes it possible for the refinery to sell in US dollars.

“”That Nigerian oil will be purchased in US dollars, not naira as some reports had suggested, because it is located in a free zone on the outskirts of Lagos””

Edwin further explained that the facility will not only be refining Nigerian crude but also crude oil from other countries, stressing that it will not be advisable to be solely dependent on Nigerian crude.

He also disclosed that the refinery can process most African crudes, apart from heavy Angolan grades, Middle Eastern Arab Light, and even US light tight oil.

“We can even take some of the Russian grades… if the global system opens up to allow us to receive [them].””

 

 

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