Nigeria Dangote Refinery Secures Historic 6 Million Barrel Deal, Poised for 350,000bpd Operations in December

Dangote Refinery, led by founder Aliko Dangote, has successfully secured its inaugural cargo deal, totaling 6 million barrels, set for delivery as the much-anticipated project gears up for operations at 350,000 barrels per day starting next month. A significant development in Nigeria's energy landscape, the refinery is poised to transform oil trading in the Atlantic Basin, reducing dependency on European and American fuel sources.

Aiming to address Nigeria's historic inability to refine its crude oil, Dangote expressed gratitude for overcoming challenges and delivering the multi-billion-dollar project, emphasizing its impact on the nation's petroleum production.

The refinery, located in Lagos State, is expected to produce diesel, kerosene, and jet fuel from December, turning Nigeria into a net exporter of fuels. While the International Monetary Fund (IMF) remains cautious about reaching full capacity by 2025, Dangote remains optimistic, foreseeing a potential 650,000 barrels per day by the end of 2024.

Despite initial concerns about crude supply, Dangote confirmed the resolution of issues with the Nigerian National Petroleum Company Limited (NNPCL), which owns 20% of the refinery. With six cargoes of crude oil daily planned for December, Dangote Refinery marks a crucial step in Nigeria's quest for energy independence.