Dangote’s oil refinery set to transform African petroleum industry in 2023 – Report

As the countdown to the commencement of operations at the Dangote Oil Refinery nears its end, excitement and anticipation are building among Nigerians and the wider African community.

The refinery, which is set to begin operations in mid-2023, is a $19-billion integrated petrochemical complex owned by Africa’s wealthiest man Aliko Dangote.

Once completed, the refinery will be the world’s largest vertically integrated plant, with the capacity to process 540,000 barrels of Nigerian oil per day in its first phase of operation, increasing to 650,000 barrels per day afterwards.

The petrochemical complex is part of a strategic move by Dangote, and the Nigerian government to establish the country’s downstream industry and become a net exporter of refined petroleum products and petrochemicals by 2026.

The refinery is expected to meet 100 percent of Nigeria’s demand for all refined goods, while also having a surplus for export, creating a market for $11 billion in Nigerian petroleum products each year.

In addition to refined oil products, the complex will also produce 4 million metric tons of jet fuel per day, 65 million liters of premium motor spirits (petrol), 15 million liters of diesel, and 3 billion standard cubic feet of gas.

As construction nears completion, temporary housing for the 20,000 employees that will work at the refinery has been established.

This move, which is expected to fast track the operation of the plant, solidifies the group’s position as the second-largest employer in Nigeria, behind only the Nigerian government.

The commencement of operations at the Dangote Oil Refinery is a major milestone for both Nigeria and the African continent. It will not only provide much-needed refined petroleum products for domestic consumption but also have the potential to create a significant market for exports.

The project’s completion will be closely watched by the global energy industry, as it has the potential to greatly impact the petroleum market in Africa.

Source: Ghana Web