In a recent interview with the Financial Times on November 25, Aliko Dangote, the Chairman of Dangote Group, confirmed the anticipated startup of the Dangote Refinery in December 2023. Dangote revealed that the initial target for the refinery is an impressive 350,000 barrels per day.
Dangote expressed the challenges faced during the establishment of the refinery, stating, “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.”
The Chairman further disclosed that a significant milestone had been achieved with a deal secured for the first cargo of approximately 6 million barrels of crude oil, set for delivery in December 2023.
Notably, the Nigerian National Petroleum Company Limited is set to supply 6 million barrels of crude oil, equivalent to 200,000 barrels per day, as part of a one-year supply agreement with the Dangote Refinery, as reported on November 2.
A key aspect of the interview highlighted Dangote’s confidence in the refinery’s potential to reach its maximum output of 650,000 barrels per day by the end of 2024. He emphasized that all challenges related to crude oil supply had been successfully resolved.
Looking ahead, Dangote unveiled plans for the Dangote Refinery to become an independent entity listed on the Lagos Stock Exchange. He stressed the uniqueness of such a project in Nigeria, asserting that a venture of this magnitude wouldn’t emerge in the country within the next two decades.
Dangote clarified that the project was not about seeking applause but was undertaken for the sake of posterity. Dismissing rumors, he stated that the Nigerian National Petroleum Corporation (NNPC) was not pushing for a larger stake in the refinery project. Dangote projected an annual revenue of $25 billion once the refinery is fully operational and expressed confidence in NNPC’s contentment with their current shares in the project.
As the Dangote Refinery gears up for its much-anticipated launch, it stands as a testament to resilience, innovation, and a significant milestone in Nigeria’s industrial landscape. The impact of the refinery’s operation on the nation’s economy will undoubtedly be closely watched in the coming months.
