The Vice President of Oil and Gas at Dangote Industries Limited, Devakumar Edwin, has reaffirmed that the Dangote oil refinery will commence petrol supply in July as previously announced.
Edwin made this statement during a tour of the facility with officials from S&P Global over the weekend. He highlighted the company's mission to drive industrial development, job creation, and economic prosperity by leveraging Africa’s vast crude oil resources to produce refined products locally.
“As earlier promised, the company will start the production of Premium Motor Spirit this month,” Edwin confirmed. He assured that the products from the refinery would meet international standards, capable of fulfilling 100 percent of Nigeria’s demand for petrol, diesel, kerosene, and aviation fuel, with excess available for export.
S&P Global noted that the Dangote refinery could alleviate Nigeria’s foreign exchange challenges by ending fuel importation, which exerts significant pressure on the local Naira currency. The visit by S&P Global to the Dangote Refinery at Ibeju-Lekki, Lagos, was part of its sovereign credit ratings assessment of Nigeria. The team from the international rating agency was accompanied by officials from the Federal Ministry of Finance.
Ravi Bhatia, Director and Lead Analyst, Sovereign and International Public Finance Ratings at S&P Global Ratings, led the delegation and remarked on the transformative potential of the refinery. He stated, “The Dangote refinery would transform Nigeria into a net exporter of petroleum products, boosting revenue generation and easing pressure on the country’s foreign exchange reserves.”
“It is a very impressive facility, able to process 650,000 barrels a day at full capacity. It is the largest single-train refinery complex in the world. Nigeria, a major crude exporter, has faced challenges with importing refined fuels. Refining locally can save foreign exchange and positively impact the economy in the medium term,” Bhatia added after the four-hour tour.
The S&P team commended Aliko Dangote, President of Dangote Industries Limited, for incorporating advanced technologies and quality control measures, including a state-of-the-art Central Control Unit for smooth automation of operations.
Currently, the refinery operates at 350,000 barrels per day but is set to increase to at least 500,000 barrels per day by July/August, starting the production of petrol and ultra-low sulphur diesel. Designed to process a variety of crudes, including African and Middle Eastern types as well as US Light Oil, the refinery adheres to Euro V specifications and complies with global emission norms.
Edwin emphasized the pride in having a Nigerian company design and build the world's largest single-train refinery complex, acting as its own Engineering, Procurement, and Construction (EPC) contractor. The refinery also features a self-sufficient marine facility capable of accommodating the world’s largest vessels.
“The refinery can produce the best quality products in the world, Euro V grade. It is one of the energy-efficient and environmentally friendly refineries, with a high level of automation. The largest single train refinery in the world is 100 percent designed, engineered, and constructed by a Nigerian company as an EPC contractor,” Edwin stated.
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