The Dangote Oil Refining Company has received a second cargo, comprising one million barrels of crude oil, bringing the total crude supply to an impressive two million barrels.
This development marks a critical milestone for the $19 billion refinery, signaling its imminent commencement of petroleum product production and promising positive impacts on employment and foreign exchange within the Nigerian economy.
The latest shipment, received just two weeks after the initial delivery of one million barrels, underlines the refinery’s commitment to securing diverse sources of crude oil.
The first batch was procured from Shell International Trading and Shipping Company Limited (STASCO), a major player in the Nigerian and global oil trading landscape.
Dangote Refinery’s Executive Chairman, NJ Ayuk, expressed enthusiasm about the achievement, highlighting its profound implications for both Nigeria and the broader West African region.
Ayuk emphasized the refinery’s capacity to produce 350,000 barrels per day as a game-changer in a country historically reliant on fuel imports despite substantial proven reserves.
“This cargo will see diesel, aviation fuel, and Liquefied Petroleum Gas produced, followed shortly thereafter by the production of Premium Motor Spirit. These products will enable the country to become self-sufficient while exporting to regional neighbors,” Ayuk stated, projecting an end to fuel subsidies, high prices, and inconsistent supply.
The project, designed exclusively for Nigerian crude, is poised to meet the country’s entire demand for refined products, with surplus intended for export.
Ayuk commended the facility for achieving this crucial milestone, anticipating its role in facilitating Nigeria’s economic growth and encouraging other resource-rich African nations to follow suit.
Similarly, Dr. Diran Fawibe, Chairman of International Energy Services, welcomed the development, highlighting the potential job opportunities and the strategic importance of refining within oil-producing nations.
He emphasized the historical significance of securing local production to enhance energy security.
As Dangote Oil Refinery gears up for full-scale operation, industry experts and stakeholders anticipate a transformative impact on Nigeria’s economy, promoting self-sufficiency and contributing to regional energy stability.
