The Nigerian National Petroleum Company Limited (NNPCL) has confirmed that it will supply three hundred thousand barrels of crude oil to the Aliko Dangote refinery next week as it is set to begin operations.
Mele Kyari, the Group Chief Executive Officer of NNPCL made the announcement at the 4th Nigerian Oil and Gas Opportunity Fair in Yenogoa, Bayelsa State.
Kyari urged all stakeholders to join forces with the Nigerian oil firm to boost the country’s crude oil and gas production.
He also revealed that NNPCL has a 20 per cent stake in the refinery, which was expected to be commissioned by President Muhammadu Buhari on May 22, 2023.
Kyari said:
“We want to address the energy challenges so that industrialisation can come to the country. Forty-eight per cent of all revenue that comes to the government comes from the oil and gas sector, and we are in a perfect position to support the economy’s growth.”
Buhari’s aide, Bashir Ahmad had said on Twitter that the president would commission the refinery.
Ahmad had said:
“Efforts by the Federal Government to make Nigeria self-sufficient in local refining of crude oil to save the scarce foreign exchange used in the importation of petroleum products have received a boost as the 650,000 barrels per day Dangote Refinery, the world’s largest single-train refinery, is set for inauguration on May 22, 2023, by President Muhammadu Buhari.”
Dangote’s refinery project in the Lekki Free Trade Zone in Lagos was estimated to be worth over nineteen billion dollars ($19b).
The facility was said to be Africa’s biggest oil refinery with an installed capacity of 650,000bpd and the world’s single-train facility.
According to the Dangote industry website, the refinery would meet 100% of Nigeria’s refined product requirement and have a surplus for export that would significantly reduce Nigeria’s dependence on imported refined petroleum products and boost the country’s economy.
The company said:
“Dangote Petroleum Refinery is a multi-billion dollar project that will create a market for $21bn per annum of Nigerian crude. It is designed to process Nigerian crude with the ability also to process other crude.”
Leave a comment