Dangote Confirms THE WHISTLER Report On Crude Oil Supply To Refinery, Set To List On NGX

The Chairman of Dangote Group, Aliko Dangote has confirmed that he has sorted all issues related to the supply of crude oil to his 650,000 barrels per day Dangote Refinery and Petrochemicals Limited and that the refinery is ready for listing on the Nigerian Exchange Limited (NGX).

The billionaire made the disclosure during an interview with Financial Times.

The refinery is the largest single-train refinery valued at $20bn with the Nigerian National Petroleum Company Limited acquiring 20 per cent stake in 2021.

The Dangote Refinery is considered a game changer in Nigerian oil and gas sector as it targets meeting domestic needs and saving the country from spending its foreign exchange proceeds from crude oil sales to import petroleum product.

Dangote said, “We have resolved all the issues with crude oil supply. We are now ready to move forward with our plans to list the refinery on the Nigerian Exchange Limited.

“We are starting with 350,000 barrels a day. The challenges that we faced, I don’t know whether other people can face these challenges and even survive. It is either we sink or we sail through. And we thank Almighty that at least we have arrived at the destination.”

Dangote confirmed that the refinery will begin operation in December 2023 with 350,000 barrels per day.

Dangote further confirmed that a deal had been reached for the delivery of crude oil in December 2023. 

Recall that THE WHISTLER had reported that the NNPCL will in December this year release six million barrels of crude oil for the take-off of the refinery.

Launched in May 2022 by former President Mohammadu Buhari, the plant has finally reached full technical completion and secured necessary platforms for feedstock supply.

Early this month, November 2022, multiple sources from the Nigeria Upstream Petroleum Regulatory Commission and Dangote Refinery had confided in THE WHISTLER that crude oil allocation has been made by the NNPC Limited to Dangote Refinery.