540,000bpd refinery to commence operation end of 3rd quarter – Dangote

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Alhaji Aliko Dangote, Chairman of Dangote Industries Limited, has said that the 540,000 barrels per day oil refinery will commence operation by the end of third quarter of 2022.

According to a report by Bloomberg, mechanical work on the refinery is complete and “hopefully before the end of third quarter we should be in the market,” Aliko Dangote, said in a briefing at the plant site in Lagos.

READ ALSO: Dangote refinery to reduce Africa’s petroleum importation by 36%, says APPO

The refinery said to be one of the largest in the world will start with a processing capacity of 540,000bpd, “Full production can start maybe, by the end of the year or beginning of 2023,” Dangote said.

The facility, which will cost an estimated USD19 billion to build, has an installed capacity of 650,000bpd. 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, Africa’s richest man, addressed reporters along with Akinwumi Adesina, president of the African Development Bank (AFDB), which previously provided USD300 million loan in support of the project.

The AfDB head and Dangote discussed possible collaboration to expand the billionaire’s businesses to more African countries to take advantage of the free trade area agreement, according to Adesina.

They also talked about setting up an industrial manufacturing corps on the continent made up of the engineers that built the refinery. This will ensure that the skills gained can be shared with other countries in Africa and outside the continent.

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

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