Dangote Refinery Hits Milestone, Exports Two Cargoes of Jet Fuel to Saudi Aramco
In a significant milestone, the Dangote Petroleum Refinery on Wednesday announced that it successfully exported two jet fuel cargoes to Saudi Aramco, the world’s largest oil producer and a leading integrated oil and gas company globally. Also, a Federal High Court in Abuja on Wednesday fixed March 18 for ruling in the notice of preliminary objection brought by the Nigeria National Petroleum Company Limited (NNPC) against the suit filed by Dangote Refinery. In the same vein, Oando Plc, Nigeria’s leading integrated oil and gas company and the country’s first International Oil Company (IOC), has said it is rewarding its shareholders by offering them 1.28 billion additional shares in the form of stock dividend valued at N97.6 billion. But President of Dangote Group, Aliko Dangote, a statement from the management of the $20 billion facility, said, revealed the export of jet fuel to Saudi Aramco on Tuesday during a visit by a team from the Nigerian Economic Summit Group (NESG) to both the refinery and Dangote Fertiliser Limited in Ibeju Lekki, Lagos. Dangote said exporting products to the global markets, especially Saudi Aramco, was made easy because of his refinery’s world-class standards and advanced technologies. “We are reaching the ambitious goals we set for ourselves, and I’m pleased to announce that we’ve just sold two cargoes of jet fuel to Saudi Aramco,” he was quoted as saying. Since its production began in 2024, the Dangote refinery has steadily increased its output, and has now reached 550,000 barrels per day, from the initial 350,000 bpd. Dangote reiterated the importance of the private sector in national development, asserting that Nigeria’s challenges could largely be overcome by providing gainful employment to its people. He stated that the concept of a free market should not be used as a pretext for continued import dependence, highlighting that both developed and developing nations, including the USA and China, actively protect their domestic industries to safeguard jobs and promote self-sufficiency. Dangote also cited the example of Benin Republic, where cement imports are restricted as part of a deliberate strategy to protect local industries, despite the proximity of his Ibese manufacturing plant. “The President (of Benin Republic) is a personal friend, and my Ibese plant is just 28 kilometres from Benin, yet they refuse to allow imports to protect their local industries, most of which are grinding plants,” he stressed. He further emphasised that the government stands to gain substantially when the private sector flourishes, noting that 52 kobo or 52 per cent of every naira DangoteCement generates goes to the government. Besides, Dangote pointed out the significant challenges involved in setting up industries in Nigeria, particularly the substantial capital investment required due to the lack of infrastructure. He stressed that investors are often forced to take on responsibilities for essential services such as power, roads, and ports – services that should be provided by the government. In his remarks, NESG Chairman, Mr. Niyi Yusuf, commended Dangote for establishing the refinery – the largest single-train refinery in the world, stating that Nigeria needs more investments of that calibre to reach its $1 trillion economy goal. “To achieve a $1 trillion economy, much of that must come from domestic investments. I joked during the bus ride that while others are dredging to create islands for leisure, you’ve dredged 65 million cubic tonnes of sand to create a future for the country. “This refinery, fertiliser plant, petrochemical complex, and supporting infrastructure are monumental. My hope is that God grants you the strength, courage, and health to realise your ambitions and that in your lifetime, a new Nigeria will emerge,” Yusuf added. He emphasised that such local industries are essential to Nigeria’s industrialisationand will help foster the growth of Small and Medium Enterprises (SMEs), adding that the NESG would continue to advocate for an improved investment climate to attract entrepreneurs, boost development, ensure food security, and address insecurity. The NESG chairman lamented that Nigeria has become a dumping ground for foreign products and stressed that the country must support its entrepreneurs to become a global player. “It’s inconceivable that a nation of over 230 million people, with an annual birth rate higher than the total population of some countries, is still dependent on imports to feed its citizens,” he observed. Yusuf also praised Dangote’s bold vision for making Nigeria self-sufficient in several key sectors. “The NESG is grateful, and I believe the nation is as well. This refinery represents the audacity of courage. It takes immense effort to do what you’ve done and still be standing and smiling. Thank you for inspiring us and showing that nothing is impossible. “You’ve transformed Nigeria from a net importer of petroleum products to a net exporter. We’ve all read ‘Think Big’, but this is truly about thinking big. The message is clear: the private sector can bring about real change,” he added. Yusuf, alongside NESG board members and stakeholders, toured the refinery and fertiliser plants, lauding the level of investment, technology, and sophistication of young Nigerian engineers running world-class laboratories and central control units. The plaintiff had dragged the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and six others to court over the issuance of licenses for the importation of petroleum products.
Admin | 2025-02-06 15:54:06