Nigerian industrial conglomerate, Dangote, will start producing its own oil. It
aims to pump around 650 000 barrels a day two shallow-water blocks located in
the Niger River delta in southeastern Nigeria.
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| The project will put Nigeria on the global map as major oil and gas hub in Africa. Source: Africa-OnTheRise |
The construction of Dangote Refinery is expected to help
Nigeria save over USD7.5 billion(R100-billion) through import substitution. The project will put Nigeria on the global map as major oil
and gas hub in Africa, the Group
Executive Director, Devakumar Edwin says. Speaking on the refinery update,
he says “We are currently building the world’s largest single line Refinery,
Petrochemical Complex and the world’s second largest Urea Fertiliser plant. “The
Refinery will have the capacity to refine 650 000 barrels of crude oil per day.
Aliko Dangote, Nigerian business magnate, investor, and
owner of the Dangote Group, recently took a group made up of key media houses
and MBA graduates from the Lagos Business
School for a tour around his latest business venture.
The USD12-billion (R160-billion) Dangote Oil Refinery which
is scheduled to open in 2019 will be 40% larger than the current largest
refinery which only has a capacity of 450 000 barrels per day. The plant will
also house Africa’s largest urea plant with a capacity of three million tons
per annum as well as 1 100kms of subsea pipeline infrastructure to handle three
billion Standard Cubic Foot (SCF) of gas per day.
“We believe the best time to invest is during a downturn and
it is our goal to diversify the Nigerian economy and as a result we have also
increased our investment in agriculture and agro processing with projections of
producing one million MT of milled and parboiled rice”, says Dangote.
The refinery will create its own power which will run on
natural gas with a projected supply of 12 000 MW of power which will be readily
available for commercial use and also meet the demand for petrochemical
products in Nigeria.
Sourced
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