Dangote refinery targets 500,000 barrels by July

Subject to any unexpected alterations in the current plan, it is anticipated that the Dangote Oil Refinery, valued at $20 billion, will be publicly traded on the Nigerian Stock Exchange by December 2024.

Aliko Dangote, the Chairman of the Dangote Group, expressed his desire to welcome Nigerian, African, and other investors to become shareholders in the refinery. He emphasized his intention to invite them to join in what he described as a monumental endeavor.

He said, “The listing, most likely, I won’t be surprised if we list (on the Nigerian Stock Exchange) by the end of this year. We will do that. You know it is new and I think we would like to allow Nigerians, Africans, and other investors to join in making this historic move”

“We have tendered to buy some WTI oil from the US because the size of our refinery is very big and we have to make sure that we secure the raw materials for our production. If we have 100 per cent Nigerian crude, fine, but we can’t wait because sometimes the production is up and down.

“But I think it makes economic sense for us to include the WTI in the basket of crudes that we are buying. And that is the reason why we went out on a tender

“As you know, we are ramping up and I think by July or thereabouts, we will be talking of about over 500,000 barrels per day refining capacity, which is huge. And then, by sometime towards the end of the year, we believe that we will hit our capacity of 650,000 barrels per day. So, it is a very huge capacity.

“The US one (crude oil) is not something that will come and take over Nigeria something. It is not very small. When we say 24 million barrels, it sounds huge, but it is not huge. It is roughly about two cargoes in a month, which is about 10 per cent of our demand at full capacity.”

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