Business
Dangote Refinery Begins Petrol Production, Considers Export Amid Local Blockade
The Dangote Petroleum Refinery has officially commenced petrol production at its facility in Lagos State, marking a significant milestone for the country’s energy sector.
The announcement was made on Monday by Devakumar Edwin, the Vice President of Oil and Gas at Dangote Industries Limited, during an interview on the Brekete Family show.
Edwin revealed that petrol production at the refinery began on Sunday, signalling the completion of one of the refinery’s key phases.
He added that while the company is prepared to meet domestic demand, there is a possibility that the petrol may be exported if local traders or the Nigerian National Petroleum Company Limited (NNPCL) do not purchase the product.
The refinery, which had already been producing aviation fuel, kerosene, and diesel, encountered challenges in distributing these products within Nigeria due to what Edwin described as a “blockade” by traders.
If similar issues arise with petrol, Dangote Refinery will be forced to export the fuel to other markets.
“We’ve been exporting aviation fuel, producing kerosene, and manufacturing diesel, but yesterday, we moved to the final stage by starting the production of Premium Motor Spirit (PMS), commonly known as petrol,” Edwin said.
“The only thing left now is to start producing petrochemicals, which will happen soon.”
Edwin emphasised that Dangote Refinery is ready to supply as much petrol as the country needs. However, if the NNPCL or local traders continue to delay or block the lifting of products, the company will have no choice but to export the petrol, as they are already doing with jet fuel and diesel.
“While we are prepared to pump as much petrol as possible into the Nigerian market, if there’s no uptake from traders or the NNPC, we will export the product just like we’ve been doing with aviation fuel and diesel,” he explained.
This development is seen as a potential game-changer for Nigeria’s fuel supply, as the Dangote Refinery has the capacity to significantly reduce the country’s dependence on imported fuel.
However, the refinery’s readiness to export fuel if local consumption is not prioritised raises questions about the domestic distribution network and the role of traders and government agencies in ensuring a smooth flow of products within the country.
Aliko Dangote speaks on his lineage and addresses not having a son as he was asked about not having a son to carry his name and achievements.
“That is not my priority because God controls everything. You can pray for God to give you a son, but he might be the one to take down the name of the family.”
Instead, he shared that he does not mind not having a son. “I don’t think a son would have done better than the three daughters I have.”
Aside from that, he was also asked about giving advice to young Nigerians. “Work hard, be consistent, focused and know what you want to do.”
It can be reported that following Aliko Dangote’s investment opportunity, some investment platforms are experiencing huge traffic, causing their platforms to become slow and go down.
Two platforms openly announced their issues. Bamboo said “Hey everyone, we’re getting a much higher than expected traffic trying to get into the Dangote IPO and it’s making it difficult for some users to log into the Bamboo app. We’re working on a fix and it will be up and running shortly.”
Cowrywise also said “We’re currently seeing more traffic than usual on the Cowrywise app. Our team is already on it and working to get things back to normal. Thanks for your patience, everyone.”
Nigerian economist Bismarck Rewane advises Nigerians financially, sharing that Nigerians should engage in the Dangote Refinery initial public offering (IPO). He stated that it was a good investment.
He shared “You are better off with your N5,000 share than selling your PVC for N10,000 or N15,000 and consuming it,” Rewane said.
“If you can get 10 million shareholders to participate in the IPO, the Dangote Refinery will have the largest number of shareholders in the world,” he said.
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