Dangote launches world largest refinery, 650,000 barrels per day to hit market July

The Dangote Group of Companies on Monday launched the pipeline infrastructure at the refinery said to be the largest in the world, with 1,100 kilometres and will handle 3 billion standard cubic feet of gas per day.

Penpushing reports that the refinery was commissioned by outgoing President Muhammadu Buhari in Lagos amid high expectations that it will impact the nation’s oil and gas sector and the larger economy.

The President of Dangote Group, Aliko Dangote, in his speech at the official commissioning assured that the first refined petroleum products from the 650,000 barrels per day would hit the market before the end of July.

“This is a clear opportunity for Nigeria given the African Union’s commitment to the creation of an African Common Market through the recently established African Continental Free Trade Area (AFCFTA) regime’ Dangote said.

Penpushing further reports that Dangote explained that the commissioning ceremony was 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 fertiliser markets, where Nigeria transited from being the largest importer of these products to a net exporter. Your excellencies, distinguished guests, our first product will be in the market before the end of July or beginning of August this year’, he said.

Penpushing also reports that Dangote pointed out that beyond the commissioning ceremony, the first goal is to ramp up production of the various products to ensure that within this year, the refinery can fully satisfy the nation’s demand for quality products.

“There will be constant availability of high-quality fuels for our transportation sector, the refinery will also make available to our industries vital raw materials for a wide range of manufacturing’, he emphasised

“Our group’s corporate vision is driven by our mission to produce what we consume and to promote self-sufficiency in the basic needs of our people. We decided on a plant designed with state-of-the-art technology and a scale in a capacity that will be a game-changer in Africa and the global market’.

“We have built a refinery with a capacity to process 650,000 barrels per day in a single train which is the largest in the world. We have selected the best plants, equipment and the latest technologies from across the world”.

Penpushing reports that Chairman of the Dangote Group of Companies added that the company would ensure that its plants are run at the highest capacity and efficiency to enable it to export competitively to other markets.

‘This is a clear opportunity for Nigeria given the African Union’s commitment to the creation of an African Common Market through the recently established African Continental Free Trade Area (AFCFTA) regime”, he said.

Penpushing further reports that he stated that beyond the constant availability of high-quality fuels for the transportation sector, the refinery would also make available to local industries vital raw materials for a wide range of manufacturers in the plastics, pharmaceutical, food and beverages, packaging, construction, and many other industries.

The company boss explained that while the refinery operation and ancillary business will generate massive job opportunities, the downstream value chain will equally provide far more absorptive capacity for labour in hundreds of thousands.

Penpushing also reports that, he stated that once the plant is fully onstream, it is expect that at least 40 percent of the capacity will be available for export, and this will result in significant foreign exchange inflows into Nigeria.

‘Overall, we are committed to operating our plant in line with int’l best practice, recognizing the importance of protecting the environment, we have adopted stringent environmental, health and safety policies”, he said.

Penpushing further reports that President Muhammadu Buhari in his speech at inauguration of the refinery held  in Ibeju-Lekki, Lagos State described the Dangote Refinery as a significant milestone for Nigeria’s economy and a game changer for the downstream petroleum products market in the entire African region.

‘‘This mega industry we are commissioning today is a clear example of what can be achieved when entrepreneurs are encouraged and supported and when an enabling environment is created for investments and for businesses to thrive’, Buhari said.

‘‘I am confident that my successor, His Excellency Asiwaju Bola Ahmed Tinubu, will sustain the improvement in our economic and business environment and strengthen the framework of our public-private partnership policies to accelerate the pace of our economic growth and development. I am happy to leave our economy in very competent hands”, he added

Penpushing also reports that Buhari commended Aliko Dangote’s leadership in executing the 650,000 barrels per day refinery, urged other entrepreneurs to emulate his example in driving economic growth and realising Nigeria’s economic potential.

The outgoing Nigeria’s President stressed the need for African countries to unite, integrate their economies, eliminate trade barriers, and rally their populations to achieve Agenda 2063 for the continent’s prosperity.

‘‘I urge and encourage our other great entrepreneurs to emulate this iconic Nigerian industrialist and join the Government in accelerating our growth in order to realise our country’s globally recognised economic potential’

‘When I travel around Africa and meet and engage my brother Heads of State (and I am delighted some of their Excellences are here), I often sense a quiet expectation that our country is blessed with resources and human capacity to lead Africa’s rise to economic prosperity and the attainment of Agenda 2063 – ‘The Africa we all want.

‘But to achieve the goals of Agenda 2063, Africa must come together – we must integrate our economies, eliminate trade barriers and energise our youthful population to scale up our production capacity.

‘We must create necessary conditions for our private sector to grow and partner with the public sector to accelerate economic growth across the continent. We must not allow outside powers to use some of our leaders to destabilize our economic and political trajectory’,’ he said.

Penpushing reports that Buhari acknowledged the visionary investments made by the Dangote Group, under the leadership of Dangote, in transforming Nigeria’s economy through its involvement in critical industries such as cement and fertiliser.

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