The President and Chief Executive Officer of Dangote Industries Limited, Alhaji Aliko Dangote, has disclosed that the Dangote Petroleum Refinery will be listed on the Nigerian Exchange before the end of March, 2025.
This came as the refinery again delayed the date for the supply of Premium Motor Spirit, popularly known as petrol, till August, another shift from July.
Dangote disclosed that the refinery was set to roll out its petrol in August 2024, having resolved its crude oil supply issues through the help of the Nigerian National Petroleum Company Limited and the Federal Government.
He stated these when he took senior journalists on a tour of the refinery and Dangote Fertilizer plants in Ibeji-Lekki, Lagos on Sunday.
“We plan to list the refinery and petrochemical before the end of the first quarter of next year, ” he stated.
He noted that the issue the refinery was having with international oil companies regarding the supply of crude was resolved last week.
“The issue of crude has been settled last week. But we hope that the IOCs will respect it, ” he added.
Dangote also revealed that the Federal Government owned only a 7.2 per cent stake in the Dangote Refinery against the 20 per cent that was publicised.
“The Federal Government have only 7.2 per cent because it failed to pay for the balance for the 20 per cent stake
Recently, the Vice President of Oil and Gas at Dangote Industries Limited, Devakumar Edwin, had last week accused international oil companies in the country of plotting to frustrate the survival of the new Dangote refinery.
Edwin said the IOCs were deliberately and willfully frustrating the refinery’s efforts to buy local crude by hiking the cost above the market price by $6, thereby forcing the refinery to import crude from countries as far as the US, with its attendant high costs.
According to Dangote, the refinery commenced full operations in 2024. starting with the refining of intermediate products such as polypropylene, naphtha, RCO, gasoline, diesel, and jet fuel.
He noted that the refinery steady state production phase commenced in March 2024 while also expecting the ramping up production to reach 500,000 barrels per day with 15 crude cargoes a month by next August, 550,000bpd by the end of the year, and 650,000bpd by the first quarter of 2025.
According to a presentation by Dangote during the tour, the refinery project is said to be fully online, with over $26bn being expected annually.
On oil and gas, he added further, “We have built over 200km of gas pipelines in partnership with NGIC on a BOT basis. We also have other projects in the pipeline including a 3 billion cubic feet East-West Gas Gathering System offshore pipeline (design and engineering completed, awaiting commercial framework); 600 million standard cubic feet onshore gas pipeline(construction stage); and 300mscf gas processing facility (design stage).
These projects, he said, would help deliver gas for further investment and also help stabilise gas pressure in the Escravos–Lagos Pipeline System
During the Africa CEO Summit in Rwanda, Dangote promised that the refinery would put an end to the monthly importation of an average of 1 billion litres of premium motor spirit in Nigeria the moment the refinery started selling the product in June.
According to him, following the laid-down plans of the Dangote refinery, Nigeria will no longer need to import petrol starting in June.
Dangote also stated that his refinery can meet West Africa’s petrol and diesel needs, as well as the continent’s aviation fuel demand.