Proudly sponsored by

Giant Dangote oil refinery to begin production in third quarter

Mechanical work on the refinery is complete and ‘hopefully before the end of third quarter we should be in the market,’ Aliko Dangote said.
Image: Bloomberg

Nigeria’s giant new Dangote oil refinery will start processing crude in the third quarter of this year.

Mechanical work on the refinery is complete and “hopefully before the end of third quarter we should be in the market,” Aliko Dangote, Africa’s richest man, said in a briefing at the plant site in Lagos.

The plant will start with a processing capacity of 540 000 barrels a day, Dangote said. “Full production can start maybe, by the end of the year or beginning of 2023,” he said.

The facility, which will cost an estimated $19 billion to build, has an installed capacity of 650 000 barrels per day. Its output will be more than enough to meet Nigeria’s fuel demands and turn Africa’s largest crude producer into an exporter of refined crude.

Dangote, originally a cement tycoon, is worth $20.4 billion, according to the Bloomberg Billionaires Index.

© 2022 Bloomberg

COMMENTS   0

You must be signed in and an Insider Gold subscriber to comment.

SUBSCRIBE NOW SIGN IN

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR
BTC / USD

Podcasts

Instrument Details  

You do not have any portfolios, please create one here.
You do not have an alert portfolio, please create one here.
INSIDER SUBSCRIPTION APP VIDEOS RADIO / LISTEN LIVE SHOP OFFERS WEBINARS NEWSLETTERS TRENDING

Follow us:

Search Articles:
Click a Company: