See the confirm date for petrol production, according to Dangote refinery management

• The Vice President of Dangote Industries has announced the date for petrol production from the refinery once again
• The refinery has already started selling diesel and jet fuel, and petrol production will mark a significant achievement
• Many Nigerians believe that when the refinery begins operations, it will help reduce the price of petrol at filling stations

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Africa's largest oil refinery, the Dangote Refinery, has confirmed that the production date for Premium Motor Spirit (PMS) or petrol will begin in July 2024.

Devakumar Edwin, Vice President of Oil and Gas at Dangote Industries Limited, confirmed when he received the S&P Global team at Dangote Refinery at Ibeju-Lekki, Lagos.

Dangote refinery set to begin petrol production Photo credit: Bloomberg/contributor
Source: Getty Images

Speaking to journalists, Edwin reiterated that, as promised earlier, the company will commence the petrol production this month (July).

Edwin says the move will harness Africa's abundant crude oil resources to produce refined products locally.

He added:

"The refinery which is currently operating at 350,000 barrels per day capacity, is slated to scale up to at least 500,000 barrels per day capacity by July/August, commencing the refining of petrol and ultra-low sulfur diesel."

S&P Global praises Dangote

Ravi Bhatia, Director and Lead Analyst for Sovereign and International Public Finance Ratings at S&P Global Ratings, who led the delegation to Lagos, stated that the Dangote refinery would transform Nigeria into a net exporter of petroleum products.

Bhatia added that this transformation is expected to boost revenue generation and alleviate the current pressure on the country's foreign exchange reserves.

He said"

"It is a very impressive facility, capable of processing 650,000 barrels per day at full capacity. As the largest single-train refinery complex in the world, its development was remarkably swift. Nigeria, a major exporter of crude oil, faces challenges with importing refined fuels."There is an opportunity in the market to refine crude domestically, which could save money and potentially conserve foreign exchange. This will positively impact the economy in the medium term. Our assessment indicates a promising outlook."

Dangote to earn $30 Billion from refinery and other investments

Legit.ng previously reported that Aliko Dangote, Africa's wealthiest individual, revealed his expectation that the total revenue from his businesses would surpass $30 billion by the close of 2024.

The Nigerian billionaire and founder of the Dangote Group is renowned for his extensive business empire, which includes subsidiaries specialising in a wide range of goods and services across various sectors of Nigeria's economy.

In a CNN interview, Dangote expressed that this significant growth would position the Dangote Group among the top 120 largest companies globally.

Source: Legit.ng