Alhaji Aliko Dangote, the president of the Dangote Group, revealed on Sunday that the Nigerian National Petroleum Company Limited (NNPC) controls only 7.2 percent of the asset, debunking the widely-held belief that the NNPC holds a 20 percent share in Dangote Refinery and Petrochemicals, 9am news Nigeria, ogasabi.
Africa’s richest man, Dangote, shared this information while responding to inquiries from editors and media executives during a tour of the refinery, which produces 650,000 barrels per day (bpd), 9am news Nigeria, ogasabi.
Olufemi Soneye, the Chief Corporate Communications Officer of NNPC, clarified that the company “made a commercial decision to cap our Dangote refinery investment at the amount already paid,” which is the 7.2% share, 9am news Nigeria, ogasabi.
Furthermore, the Dangote Refinery includes an 838 KTPA polypropylene factory. It is located in the Dangote Industries Free Zone in Ibeju-Lekki, Lagos, spanning an area of over 2,635 hectares, 9am news Nigeria, ogasabi.
“The agreement that Dangote Refinery has with the NNPC was actually 20 percent, but they didn’t pay the balance of the money as at last year. Then we gave them another extension up till June this year, but they later said they would remain with what they have already paid, which is 7.2 percent.
“So, NNPC and the government own only 7.2 per cent of the refinery. For me that is okay.”
Dangote Stated
According to reports, Dangote Petroleum Refinery can produce enough gasoline, diesel, kerosene, and aviation jet to cover 100% of Nigeria’s needs and yet have extra of each product available for export.
The refinery’s design used the most recent technological advancements to adhere to strict standards and regulations safeguarding the local environment, while simultaneously producing petroleum products that are environmentally friendly and suitable for global markets.
With sufficient backup units and a separate steam and power generation infrastructure, Dangote Refinery can reliably and uninterruptedly deliver utilities to its operational plants.
Furthermore, it possesses a 435MW power plant that can supply all of the electricity needed by the Abadan Distribution Company, which serves five states: Oyo, Ogun, Osun, Kwara, and Ekiti.
Finally, The refinery is expected to produce $21 billion in market value of Nigerian crude oil annually, $9.9 billion in foreign exchange savings and revenues, and over $25 billion in additional GDP for the nation through significant value addition within the nation.
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