Key Points:
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- Dangote Refinery begins jet fuel exports to Europe, marking a milestone for Africa’s oil and gas sector. First shipment of 45,000 tons sails to Rotterdam.
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- Refinery expands reach beyond regional kerosene sales, now supplying Europe, Africa, and Asia with diverse products like naphtha and gasoil.
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- Dual listing on London and Nigerian stock exchanges planned, showcasing refinery’s ambition as a major force in the global oil and gas market.
In a significant milestone for both Nigeria’s industrial landscape and Africa’s oil and gas sector, the Dangote Oil Refinery, owned by the continent’s richest person Aliko Dangote, has commenced its first jet fuel exports to Europe. This underscores the refinery’s burgeoning prominence in global oil and gas markets.
First consignment sets sail for Rotterdam
The maiden consignment, comprising 45,000 metric tons of jet fuel, embarked on its journey to Rotterdam, Netherlands, aboard the vessel “Doric Breeze” from the Lekki Free Zone in Lagos on May 27. This was confirmed by S&P Global Commodities at Sea, highlighting the commencement of what promises to be a lucrative venture for the refinery.
This recent accomplishment adds to the refinery’s string of achievements. Having already dispatched six cargoes of jet fuel/kerosene to destinations including Senegal, Togo, and Ghana, the refinery has firmly established its foothold in both regional and international markets. Its export portfolio extends beyond jet fuel, encompassing naphtha, fuel oil, and gasoil, catering to diverse markets across Europe, Africa, and Asia.
Expansion, future outlook and market influence
Situated on the outskirts of Lagos, the Dangote Petrochemical Complex represents a significant leap forward for Nigerian industrial development. In addition to its refining capabilities, the complex houses a 1-million-metric-tonne-per-year polypropylene plant and two of Africa’s largest fertilizer trains, boasting an annual capacity of 3 million tonnes of urea.
Equipped with advanced technology enabling the processing of various crude oils, the refinery is positioned to ensure a consistent supply of refined products across diverse regions. With the next expansion phase scheduled for early 2025, the refinery aims to further enhance its production and distribution capabilities.
Anticipating further milestones, S&P Global reports that the refinery is poised to initiate its first petrol supplies this month, with plans for ultra-low sulfur diesel exports to Europe in the third quarter. Aliko Dangote, expressed confidence in the facility’s capacity to not only serve the Nigerian market but also meet the refined product demands of other African nations once operating at full capacity.
Strategic financial move
In a strategic move indicative of its scale and potential, the Dangote Oil Refinery has announced plans for a dual listing on the London Stock Exchange (LSE) and the Nigerian Exchange (NGX). This move underscores the refinery’s ambition to drive Nigeria’s industrial development while cementing its position as a key player in the global oil and gas arena.
The commencement of jet fuel exports to Europe marks a significant chapter in the journey of the Dangote Oil Refinery, affirming its status as a pivotal player in Africa’s economic landscape and beyond. As operations continue to expand and evolve, the refinery stands poised to leave an indelible mark on the global oil and gas industry.