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- The goal is to gradually increase production to 35 million litres daily, which Dangote believes will be sufficient to meet local demand. At an oil conference in Lagos on Monday, however, the sector regulator said Nigeria’s daily petrol demand is between 45 and 50 million litres.
www.reuters.com/markets/commodities/dangote-says-refinery-has-500-mln-litres-petrol-storage-can-meet-nigerias-demand-2024-10-30/Dangote says refinery has 500 mln litres of petrol in storage ...
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How will Nigeria's new oil refinery project affect the oil industry?
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What will the Nigerian refinery produce?
Nigeria Crude Oil: Production was reported at 1,324.000 Barrel/Day th in Sep 2024. This records a decrease from the previous number of 1,352.000 Barrel/Day th for Aug 2024.
According to estimations from April 2020, Nigeria's daily oil production would have reached 2.1 million barrels per day in a scenario without COVID-19. The low demand for oil during the...
Jul 9, 2024 · Nigeria’s oil production amounted to some 1.5 million barrels per day in 2023, an increase when compared to the previous year. Between 1998 and 2022, figures decreased by approximately...
- Meeting Nigeria’s needs. The refinery is expected to meet 100% of all refined products required in Nigeria, and have a surplus for export. The refinery will initially produce diesel and aviation fuel and later progress to premium motor spirit.
- Scaling up production. Although it’s a 650,000 bpd facility, the refinery will start producing at 370,000 bpd, according to Devakumar Edwin, an executive at the Dangote Group.
- Repeated delays. The refinery project was first announced in 2013 at an estimated cost of $9bn. By the time major structural construction began in 2017, the cost had ballooned to about $15bn.
- Funding the refinery. The refinery was built with the contribution of 50% equity investment by Dangote and 50% debt finance by banks. Nigeria’s domestic banks mostly financed the commercial loan component of the project while the balance was sourced from foreign banks.
• In the first half of 2023, PMS truck out stood at 11.48 billion litres, indicating a 5.83% de- crease when compared to 12.19 billion litres recorded in the first half of 2022. • In the first half of 2023, 26.07 million litres of Household Kerosene (HHK) were locally
Sep 1, 2023 · Nigeria is pumping 1.67 million barrels of oil and condensates per day, compared with just under a million barrels some months ago, due to security improvements in the producing Niger-Delta...
The Dangote Refinery is an oil refinery owned by Dangote Group that was inaugurated on 22 May 2023 [1] in Lekki, Nigeria. When fully operational, it is expected to have the capacity to process about 650,000 barrels of crude oil per day, making it the largest single-train refinery in the world.
