Africa’s largest petrochemical refinery, the $20-billion Dangote Oil Refinery, owned by Aliko Dangote, Africa’s wealthiest individual, is gearing up to revolutionize the continent’s energy sector as it targets a projected annual revenue of $27 billion.
With a projected annual revenue of $27 billion at full capacity, the Dangote Petrochemical Complex, located in Lekki, Nigeria, is set to begin operations. The complex will initially focus on producing diesel, aviation fuel, and gas, with petrol production planned for a later stage.
Last Friday marked a significant milestone for the mega refinery as the first crude shipment arrived at the facility, overcoming years of delays. The OTIS tanker, carrying a cargo of 950,000 barrels of Nigeria’s Agbami crude, docked at Lekki, the nearest land port to Dangote’s offshore crude receiving terminal.
Mega refinery set to process 350,000 barrels daily, eyes expansion to 650,000 bpd
Initially, the refinery will process 350,000 barrels of crude oil per day, with plans for a subsequent increase to its maximum capacity of 650,000 barrels per day. The focus will be on producing diesel, aviation fuel, and gas, with petrol production scheduled for a later phase.
The mega refinery received its license in November to refine over 300,000 barrels of Nigerian crude daily. A recent business roundtable in Riyadh saw Dangote underlining the facility’s commitment to prioritizing Nigerian crude for its initial operations, reinforcing the refinery’s strategic alignment with the country’s energy resources.
Femi Otedola applauds Aliko Dangote’s ‘8th wonder of the world’ achievement
Celebrations and accolades for the landmark achievement flooded social media platforms, with Nigerian billionaire Femi Otedola taking to social media to extend his heartfelt congratulations to Dangote. Otedola, in a post that described the project as the “8th Wonder of the World,” lauded Dangote’s visionary leadership and relentless pursuit of excellence.
In his congratulatory message, Otedola stated, “I heartily congratulate my bestie Aliko Dangote as the Dangote Refinery begins production. This is more than an industrial achievement; it’s a testament to the visionary leadership and relentless pursuit of excellence of one of Africa’s finest patriots.”
The commencement of production at the Dangote Oil Refinery marks a transformative milestone not only for Nigeria but for the entire African continent, signifying a significant step towards self-sufficiency in the oil and gas sector.
