Chairman of Dangote group Alh. Aliko Dangote has said that the Dangote Petrochemical refinery was completed at a cost of $18.5bn as he confirmed, that first Premium Motor Spirit, PMS, also called Petrol from it’s refinery will hit local market by early August,
Dangote who made the disclosure in his remarks at the official commissioning of the 650,000 barrels daily Dangote Refinery in Lagos on Monday, said a whopping sumnof $18.5billion has been invested in the sector.
He said the facility has a capacity to process 650,000 barrels per day of crude oil (plus 900,000 tonnes of polypropylene) in a single train – which is the largest in the world. We have selected the best plants and equipment and the latest technologies from across the world.
Also, the products slate is designed to meet the highest quality standards of high-value products including Premium Motor Spirit (PMS), Automotive Gas Oil (Diesel), Aviation Turbine Kerosine (ATK); all of Euro V Standards that will enable us not only meet our Country’s demand but also to become a key player in the African and global market.
Dangote said that the country’s coastal location and offshore loading and offloading (SPM) facilities with a capacity to receive all its crude oil supplies and evacuate up to 75 per cent of liquid products which offers the facility direct access to the rest of Africa and the global market for exports.
In addition, 80 per cent of the refinery’s production can be discharge through trucks nationwide.
He said the group’s huge investment of over $18.5billion in the oil and gas Industry has been prompted by the desire to support and contribute our quota to the Federal Government’s sustained effort to transform our economy and properly position our Country as the leading Nation in Africa, and a respected member among emerging economies in the world.
“This commissioning ceremony is just the beginning of a great journey, a milestone in a new and exciting trajectory for the Downstream sector of Nigeria’s Oil and Gas Industry. It is our firm commitment that we will replicate in this sector, what we have achieved in the cement and fertilizer markets, where Nigeria transited from being the largest importer of these products to a net exporter.
“Beyond today’s ceremony, our first goal is to ramp up production of the various products to ensure that within this year, we are able to fully satisfy our nation’s demand for high quality products to enable us eliminate the tragedy of import dependency and stop, once and for all, the dumping in our market of toxic sub-standard petroleum products. Your Excellencies, Distinquished Guests, our first product will be in the market before the end of July this year.” Dangote said.