Dangote Refinery To Generate $25bn Revenue Annually
The $20 billion Dangote Refinery, which is expected to transform Nigeria, the continent’s biggest economy, will fully come online with the refining of 650, 000 barrels per day by the end of 2024, its owner, Aliko Dangote, has said.
Dangote, whose personal wealth is estimated by Forbes at $10.5 billion, told the Financial Times that by next month the first cargo of about 6 million barrels will be ready for refining.
“Dangote, 66, said he believed the refinery could reach its capacity of 650,000 barrels a day by the end of 2024,” the report said, adding that “We’re starting with 350,000 barrels a day.”
At full production, the refinery, the world’s largest “single train” facility with just one distillation unit, could save Nigeria billions in foreign exchange currently spent on imported fuel.
It was “shameful”, Dangote said, that Nigeria, a major oil producer for more than 50 years, could not refine its own crude in anything like sufficient quantity.
Dangote Refinery To Generate $25bn Revenue Annually
The $20 billion Dangote Refinery, which is expected to transform Nigeria, the continent’s biggest economy, will fully come online with the refining of 650, 000 barrels per day by the end of 2024, its owner, Aliko Dangote, has said.
Dangote, whose personal wealth is estimated by Forbes at $10.5 billion, told the Financial Times that by next month the first cargo of about 6 million barrels will be ready for refining.
“Dangote, 66, said he believed the refinery could reach its capacity of 650,000 barrels a day by the end of 2024,” the report said, adding that “We’re starting with 350,000 barrels a day.”
At full production, the refinery, the world’s largest “single train” facility with just one distillation unit, could save Nigeria billions in foreign exchange currently spent on imported fuel.
It was “shameful”, Dangote said, that Nigeria, a major oil producer for more than 50 years, could not refine its own crude in anything like sufficient quantity.
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