Business
Dangote refinery to deliver first petrol batch today, September 3, 2024
Dangote Refinery is poised to ship its first batch of Premium Motor Spirit (PMS), commonly known as petrol, today, Tuesday, September 3.
This significant milestone comes after the refinery successfully completed its testing phase, signaling the start of full-scale production.
The refinery, boasting a capacity of 650,000 barrels per day, is expected to provide much-needed relief to Nigerians who have been struggling with widespread petrol shortages.
The Nigerian National Petroleum Corporation (NNPC) Limited has been confirmed as the initial purchaser, with its officials already stationed at the Lagos-based petrochemical plant to oversee the delivery.
Aliko Dangote, the CEO of Dangote Refinery, is personally overseeing the launch of the refinery’s first shipment, marking a pivotal moment in Nigeria’s oil and gas sector.
This development is anticipated to shift Nigeria closer to self-sufficiency in petroleum products, reducing its long-standing reliance on imported petrol.
READ ALSO: Foreign Media and Dangote Refinery: Honest Reportage or Sponsored Mischief?
With a daily consumption of about 35 million liters of petrol in Nigeria, Dangote Refinery’s production capacity of up to 100 million liters per day will not only meet domestic demand but also enable exports to neighboring countries.
This could potentially position Nigeria as an energy exporter rather than a mere crude oil producer.
The refinery’s journey to this point has not been without challenges, including delays and supply issues involving the NNPC and international oil companies (IOCs).
However, these hurdles were overcome with the assistance of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and other key stakeholders.
The Federal Executive Council (FEC) also played a crucial role by allowing the refinery to purchase crude oil in local currency, which in turn will help stabilize the foreign exchange market.
As Dangote Refinery begins its operations today, with petrol shipments expected to reach local markets soon, Nigeria is on the cusp of achieving energy security and independence.
The refinery’s output will also usher in the full deregulation of the downstream sector, paving the way for a more competitive and dynamic market.