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Dangote Refinery To Commence Operations By October

Aliko Dangote, Africa’s richest man, and his conglomerate, Dangote Group, have announced a revised timeframe for the start of operations at the much-anticipated Dangote Oil Refinery, billed as Africa’s largest integrated petrochemical complex.

Following a missed production target in August, the refinery is currently preparing for refining activities to resume in October 2023, according to an official statement issued by Devakumar Edwin, Dangote Group’s executive director in charge of the plant.

“We are ready to receive crude right now. We are just awaiting the arrival of the first vessel, and the moment it docks, we can commence operations,” Edwin said.

Edwin also stated that the refinery anticipates receiving its first shipment of crude oil within two weeks, and that the first production of up to 370,000 barrels per day (b/d) will be diesel and jet fuel in October, with petrol refining beginning in November 2023.

His remarks come after a period of uncertainty and conjecture about the project’s status and the ramifications for Nigeria’s participation in the global oil market. In May, the Dangote Oil Refinery was inaugurated with great fanfare, with an initial processing capacity of 540,000 barrels per day, marking a significant milestone for Nigeria’s oil industry.

The initial August production target, however, has passed with little trace of refined petroleum products entering the market. This has generated concerns about the refinery’s ability to supply all of Nigeria’s refined petroleum demands while also producing a surplus for export, potentially generating $11 billion in annual revenue.

Despite these setbacks, Aliko Dangote’s fortune has skyrocketed, propelling him back into the world’s top 100 billionaires. Dangote’s net worth is currently $17.5 billion, making him the 99th richest billionaire in the world.

This growth in wealth can be due to the steady rise in the market value of his diverse portfolio, particularly Dangote Sugar Refinery and NASCON Allied Industries Plc. The anticipation of these firms merging with Dangote Rice has boosted investor confidence and driven up share prices.

Once fully operational, the Dangote Oil Refinery is expected to have a substantial impact on Nigeria’s economy, lessen the country’s reliance on imported refined petroleum products, and contribute to the country’s reputation as a regional energy hub.

The revised October 2023 start date for refining activities is being eagerly anticipated by industry players, who believe it will be a watershed moment for this enormous petrochemical complex.

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