The Vice President of Oil and Gas at Dangote Industries Limited, Devakumar Edwin, reaffirmed that the Dangote oil refinery is set to begin supplying petrol in July, as scheduled.
During a recent tour of the refinery with officials from S&P Global, Edwin emphasized the company’s commitment to sparking industrial growth, creating jobs, and enhancing economic prosperity by leveraging Africa’s crude oil resources to produce refined products locally.
According to The PUNCH, Edwin confirmed that the production of Premium Motor Spirit would commence in July
He highlighted that the refinery’s output meets international standards, capable of satisfying Nigeria’s entire demand for petrol, diesel, kerosene, and aviation fuel, with excess available for export.
S&P Global noted that the refinery could alleviate Nigeria’s foreign exchange pressures by ending fuel importation, which significantly impacts the local Naira currency.
The S&P Global team, accompanied by officials from the Federal Ministry of Finance, visited the Dangote Refinery at Ibeju-Lekki, Lagos, as part of their sovereign credit ratings assessment of Nigeria.
The Director and Lead Analyst for Sovereign and International Public Finance Ratings at S&P Global Ratings, Ravi Bhatia, led the delegation and remarked that the refinery’s capability to process 650,000 barrels per day at full capacity would transform Nigeria into a net exporter of petroleum products.
This shift is expected to boost revenue and ease the strain on the country’s foreign exchange reserves.
Bhatia stated, “It is a very impressive facility, able to process 650,000 barrels a day, when in full capacity. It is the largest single-train refinery complex in the world. It came out quite quickly. Nigeria is a big exporter of crude but has issues with importing refined fuels. So, there is a gap in the market where crude can be refined in Nigeria, save money that way, and potentially save some foreign exchange. This will be positive for the economy in the medium term. It looks positive from our assessment,” after a thorough four-hour tour of the facility.
The S&P team praised Aliko Dangote, President of Dangote Industries Limited, for integrating cutting-edge technologies and quality control measures, including a sophisticated Central Control Unit, ensuring seamless automation of operations.
Currently operating at 350,000 barrels per day, Edwin mentioned that the refinery plans to increase its capacity to at least 500,000 barrels per day by July/August, starting the production of petrol and ultra-low sulfur diesel.
He added that the refinery, designed to process a wide variety of crude oils including African, Middle Eastern, and US Light Oil, adheres to Euro V specifications and meets US EPA, European Union emission norms, Department of Petroleum Resources emission/effluent norms, and African Refiners and Distribution Association standards.
Edwin noted the significance of a Nigerian company designing and constructing the world’s largest single-train refinery complex while acting as its own Engineering, Procurement, and Construction contractor.
The refinery also includes a self-sufficient marine facility capable of accommodating the world’s largest vessels.
“The refinery can produce the best quality products in the world, Euro V grade. It is one of the energy-efficient refineries and it is highly environmentally friendly. It is sophisticated with a high level of automation. The largest single train refinery in the world is 100 per cent designed, engineered, and constructed by a Nigerian company as an EPC contractor,” Edwin stated.
