Finance
Dangote Oil Refinery set to export two cargoes of fuel oil
Nigerian mega oil refinery, Dangote Oil Refinery, owned by the richest Black man on earth, Aliko Dangote, has initiated tenders to export two fuel cargoes.
A report from Reuters indicates that a multinational commodity trading company headquartered in Singapore, Trafigura Group, has awarded Dangote Oil Refinery a contract for the inaugural shipment.
The first cargo, a 65,000 metric tonnes of low-sulphur straight-run fuel oil, is scheduled to be loaded at the end of February.
The move signals Dangote Oil Refinery’s strategic entry into the global fuel market.
The $20-billion Dangote Oil Refinery, boasting a world-record capacity of 650,000 barrels per day, aims to revolutionize Nigeria’s energy landscape.
Owned by billionaire Aliko Dangote, the refinery seeks to meet 100 percent of the country’s demand for refined petroleum products, including petrol, diesel, kerosene, and jet fuel.
For years, Nigeria has heavily relied on expensive fuel imports, but the newly-commissioned refinery is set to transform the nation into a net exporter of fuel to other West African countries.
The Dangote Petrochemical Complex, projecting an annual revenue of $27 billion at full capacity, is poised to bring about a significant shift in power and profit dynamics within the petroleum industry.
Source: www.ghanaweb.com
