AN oil refinery, being promoted by Dangote Group, is expected to come
on-stream latest by the first half of 2018, in Lagos. The plant will be
able to process 500,000 barrels of crude a day, according to Dangote
Industries’ operations director for petroleum refining, George
Nicolaides, in an interview at the Platts African Refining Summit in
Cape Town Monday.
“The site is being cleared, the plant is
being designed,” Nicolaides said, adding that the organization is “close
to the beginning of detailed engineering.”
In September last
year, Dangote said it had agreed on a $3.3 billion loan with 12 Nigerian
and foreign lenders to build the refinery as well as a petrochemical
and fertilizer complex costing a total of $9 billion.
At that
time, the facility in Africa’s biggest economy was expected to be
completed in 2016 and the initial capacity of the refinery was put at
400,000 barrels a day.
“We have a very ambitious construction schedule,” Nicolaides said. “I’m not sure about the history of those dates.”
While Nigeria is Africa’s top producer of crude oil, it relies on fuel
imports to meet more than 70 percent of its needs. Four state refineries
with a combined capacity of 445,000 barrels a day are operating at a
fraction of that because of poor maintenance and aging equipment.
Dangote selected Engineers India Ltd. to do most of the detailed
engineering work for the new plant. Construction contractors were yet to
be appointed.
“Supplying the local market is the primary
objective,” Nicolaides said. “Naturally we can move product to the
region. The government is being very supportive, very enthusiastic about
this project. We are not looking for or wanting any particular
subsidies.”
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COMMENTS
Olaleye Muib Alan and 2 others like this.
Hmmmnn Naija I Hail Una Ooo_
Dangote cement,sugar,sa
DANGOTE Want to take over naija economy
@Geofrey:when ur gov. couldnt do a thin NKOOOOOOO.