- Dangote Refinery Takes Delivery of Largest Crude Distillation
Dangote Refinery has received the world’s largest crude distillation equipment for crude oil processing.
The equipment manufactured by China’s Sinopec is the largest in terms of distilling capacity, 650,000 barrels per stream day.
It weighs “2,250 metric tonnes; length, 112.5 metres; width, 14.036 metres; and height, 13.752 metres. The above-mentioned weight does not include the weight of the internal trays which is about 536 MT,” the company’ statement stated.
According to Rajen Sachar, Head, Maritime and Ports Infrastructure of Dangote, “Crude oil enters the top of the column, where the inlet temperature is 165 degrees Centigrade gradually increasing to 357 degree Centigrade at the bottom of the column.
“During this passage, the crude and its vapours pass through a complex web of internal trays to increase the contact time and surface area within the column with the hot vapours travelling upwards through bubble caps, which allow the vapour to pass through the tray with the cooler liquid flowing down the column.
“When the vapour reaches the height within the column where its boiling point is equal to the temperature of the column at that height it condenses to form a liquid.
“The liquid then collects on various trays in the column at differing heights from where it is extracted out of the column.
“It is therefore critical to control the heat load of the column to optimise the crude crack.
“These separated fractions are mainly middle distillates namely, naphtha, jet fuel, kerosene, gasoline and gas oil.”
Sachar said when completed the refinery would produce Euro-V quality gasoline and diesel, as well as jet fuel and polypropylene.
It took Sinopec 14 months to construct the distillation equipment and another eight weeks to deliver it to Nigeria.
Flour Mills of Nigeria Repays N51.64 Billion Series 2 Commercial Paper
Flour Mills of Nigeria Plc (FMN) has successfully repaid its N51.64 billion Series 2 Commercial Paper as revealed in a statement issued by the company.
This follows the earlier repayment of its N13.33 billion Series 1 Commercial Paper in August 2023.
Both the Series 1 and Series 2 Commercial Papers, totaling N64.97 billion, were initially issued on February 22, 2023, under FMN’s N200 billion Commercial Paper Programme.
The Series 1, with a yield of 13.0%, raised N13.3 billion, while the Series 2, with a yield of 14.0%, raised N51.64 billion.
FMN had launched its N200 billion Commercial Paper Programme on February 10, 2023, reflecting the company’s strategic financial planning.
The Group Chief Finance Officer, Mr. Anders Kristiansson, expressed satisfaction with the timely and successful repayment of the Series 2 Commercial Paper.
He emphasized FMN’s commitment to financial prudence and acknowledged the confidence placed in the organization by the investing public.
Kristiansson expressed gratitude to stakeholders for their continuous support, reiterating FMN’s dedication to delivering sustainable value and upholding the highest standards of corporate governance.
In addition to the successful repayment, FMN tapped into the market for its Series 3 Commercial Paper in June 2023, with subscriptions from banks and Pension Fund Administrators, contributing 39.7% and 40.8%, respectively.
The transaction was managed by FBNQuest Merchant Bank Limited as the Lead Arranger, with ChapelHill Denham Advisory Limited, FCMB Capital Limited, and United Capital PLC serving as Joint Arrangers.
African Airlines Projected to Cut Losses to $400m in 2024, Says IATA
The International Air Transport Association (IATA) has forecasted a reduction in losses for Nigerian and other African airlines from $500 million in 2023 to $400 million in 2024.
The Switzerland-based IATA made this projection while presenting the global airline industry outlook in Geneva, Switzerland, on Wednesday.
IATA’s Director-General, Willie Walsh, shared the outlook, stating that global airlines are expected to generate approximately $964 billion in revenue in the coming year.
The report indicated that airline industry net profits are anticipated to reach $25.7 billion in 2024, reflecting a slight improvement over the projected $23.3 billion net profit for 2023.
Despite the challenges faced by the aviation industry in recent years, IATA sees the $25.7 billion net profit in 2024 as a testament to aviation’s resilience.
Walsh acknowledged the impressive speed of recovery but emphasized that the net profit margin of 2.7% remains below industry expectations.
IATA estimates that around 4.7 billion people will travel in 2024, surpassing the pre-pandemic level of 4.5 billion recorded in 2019.
However, Walsh highlighted ongoing challenges, including regulatory burdens, fragmentation, high infrastructure costs, and a supply chain populated with uncertainties.
He emphasized the need for the industry to build a resilient future, given its significant contribution to global GDP and livelihoods.
Fuel prices are expected to average $113.8 per barrel in 2024, accounting for 31% of all operating costs, totaling $281 billion.
Walsh concluded by expressing optimism about more normal growth patterns for both passenger and cargo in the post-pandemic era.
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