Bloomberg, a financial data and media business, ranks the Dangote Refinery among the top ten largest refineries in Europe.
According to data provided by the business news portal, the refinery has a larger capacity than several European ones.
The $20 billion refinery, located on the Lekki-Epe Expressway in Lagos State, can refine 650,000 barrels of petroleum products each day.
According to a report seen by our journalist on Thursday, this has a capacity of around 246,000bpd, which is greater than Shell’s Pernis Refinery in the Netherlands.
It further stated that the Pernis Refinery, with an installed capacity of 404,000bpd, is the largest in Europe. The BP Rotterdam Refinery in the Netherlands has a capacity of 380,000.
Bloomberg also stated that the GOI Energy ISAB Refinery in Italy was completed with a refining capability of 360,000bpd.
In addition, the TotalEnergies Antwerp refining complex in Belgium has a capacity of 338,000 barrels per day.
Other refineries featured in the research included the Orlen Plock Refinery in Poland with 327,000bpd, Shell’s Rheinland in Germany with 327,000bpd, the Miro Refinery in Germany with 310,000 capacity, and the ExxonMobil Anterwep Refinery in Belgium with 307,000 capacity.
It also stated that the Saras Sarroch Refinery in Italy had 300,000 capacity and the ExxonMobil Fawley Refinery in England had 270,000bpd capacity.
According to Bloomberg, the Dangote Refinery is a ‘game changer’ that is using cheaper US oil imports for up to one-third of its feedstock as it begins operations.
According to analysts, the refinery has begun shipping products in recent weeks while preparing two units to enable petrol output, delivering a long-awaited revolution of the Nigerian and regional gasoline markets.
“Dangote is going to influence Atlantic Basin gasoline markets this summer and for the rest of the year,” said energy analyst Alan Gelder to Bloomberg.
According to the average estimate of analysts at WoodMac, FGE, and Citac, the refinery is producing around 300,000 barrels per day, or nearly half of its capacity.
The complex has begun delivering jet fuel, diesel, and naphtha as it expands to include a full range of products.
According to Reuters, the Dangote oil refinery might put a stop to a decades-long $17 billion annual petrol trade from Europe to Africa.
According to Reuters, the Dangote refinery is putting more pressure on European refineries that are already facing closure due to increased competition, and it will be the largest refinery in Africa and Europe when it achieves full capacity.
According to Reuters, about one-third of Europe’s 1.33 million barrels per day average petrol exports in 2023 went to West Africa, more than any other region, with the majority of those exports ending up in Nigeria.
Dangote Refinery has begun selling diesel in Nigeria, reducing the pump price from N1,600 to N940 in less than a month.
