When completed, the Dangote petroleum refinery, which is already at 97 per cent completion will meet 100 per cent of Nigeria’s requirement of all refined products, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has said.
NMDPRA’s Chief Executive, Farouk Ahmed, made the disclosure in a statement signed by Anthony Chiejina, spokesman for Dangote Industry Ltd., on Thursday in Lagos.
Mr Ahmed said this when the representatives of the Dangote refinery paid a visit to the regulatory agency in Abuja to present the work plan of the facility for 2022/2023.
Dangote refinery has installed production capacity of 650,000 barrels per day. This is double the total output of Nigeria’s existing ailing refining infrastructure.
Mr Ahmed noted that the successful completion of Africa’s biggest petroleum refinery and the world’s largest single-train facility was expected to have significant impact on Nigeria’s foreign exchange through import substitution and substantial savings in earnings.
According to him, once the refinery commences production, the pressure on the nation’s currency will reduce and significant inflow of foreign exchange is expected to come in through sales from the refinery.
“Upon completion of the refinery, it is estimated that Nigeria will import zero petroleum oil products – down from approximately $50 billion current oil product imports per year.
“Today, representatives of the Dangote Refinery and Petrochemicals presented their 2022/2023 work plan to the authority which showed that the refinery project is estimated to be at 97 per cent completion.
“The refinery is a 650,000 barrels per day integrated refinery project under construction in the Lekki Free Trade Zone, Lagos.
“It is expected to be Africa’s biggest oil refinery and the world’s biggest single-train facility,” he said.
Mr Ahmed reiterated the importance of the refinery to the country and assured that the authority would give necessary support to ensure its timely completion to kick-start operations.
The Group Executive Director, Strategy, Portfolio Development and Capital Projects, Dangote Industries Ltd., Devakumar Edwin, said the refinery would stimulate economic development in Nigeria.
Mr Edwin added that the project could meet 100 per cent of the country’s requirement of all liquid products (gasoline, diesel, kerosene and aviation jet), and also have surplus of each of these products for export.
He stated that the high volume of petroleum output from the refinery would transform Nigeria from a petrol import-dependent country to an exporter of refined petroleum products.
Mr Edwin said that over 30,000 people were currently working at the project site, adding that it would generate over 100,000 direct and indirect jobs for Nigerian youths.
He added that the refinery had its own dedicated steam and power generation system with adequate standby units of reliable/uninterrupted utility supply to its operating plants.
“It also has self-sufficient marine facility with the ability for freight optimisation; the largest single order of 5 SPMs anywhere in the world; Crude SPM for unloading ships up to ULCCs; 3 product SPM for product exports up to Suez Max vessels and 2 X 48” subsea crude pipelines with interconnection.
“Dangote industries have developed a port and constructed quays with loading bearing capacity of 25 tonnes/sq meters to bring over dimensional cargoes close to the site directly to handle liquid cargoes.
“The jetty is situated at a distance of 12.3 km from the refinery thereby effectively reducing the travel time.
“Dangote Petroleum Refinery maintains high standards for all its business practices, valuing health, safety, environment and rights for its employees, compliances with all applicable local and international laws, and being a committed partner to communities, governments and the environment,” Mr Edwin added.