Investment in refinery is driven by innovation, says Dangote

DANGOTE 1The ongoing investment in refining, petrochemicals, fertiliser and gas is driven by the desire to bring innovation and efficiency into all aspects of Nigeria’s oil and gas sector, stated Aliko Dangote, president of Dangote Group

Dangote, who made this disclosure at the Nigeria International Petroleum Summit in Abuja, added that the company was committed to the concept of energy efficiency and innovation in the oil and gas sector.

The business mogul, whose 650,000 bpd capacity refinery is the largest in Africa, was represented by the group executive director Ahmed Mansur.

He commented that Aliko Dangote is passionate about efficiency and innovation in the oil and gas sector through adding value to the hydrocarbon process.

Mansur stated that the project will become the world largest single train refinery on completion and therefore will boost Nigeria’s economy.

He further added, “The refinery can meet 100 per cent of the domestic requirement of all liquid petroleum products (gasoline, diesel, kerosene and aviation jet), leaving the surplus for export.

“This high volume of PMS output from the Dangote Refinery will transform Nigeria from a petrol import-dependent country to an exporter of refined petroleum products. The refinery is designed to accommodate multiple grades of domestic and foreign crude and process these into high-quality gasoline, diesel, kerosene, and aviation fuels that meet Euro V emissions specifications, plus polypropylene”, he noted.

Mansur disclosed that Dangote is also constructing the largest fertiliser plant in West Africa with the capacity to produce three million tonnes of Urea per year as part of the gigantic economic transformation project. He explained that the Dangote Fertiliser complex consists of Ammonia and Urea plants with associated facilities and infrastructure.

“Nigeria will be able to save US$0.5bn from import substitution and provide US$0.4bn from exports of products from the fertiliser plant. Thus, the supply of fertiliser from the plant, which is set for commissioning before the second quarter of 2019, will be enough for the Nigerian market and neighbouring countries,” he continued.

He said at a time when the oil and gas industry and the global economy is in a state of flux, it is most appropriate that attention should be given to the future especially given an incredible speed and quantum of change taking place in every facet of human endeavour.

“Our economy, in particular, cannot afford to ignore these massive changes. Our decades of dependence on this industry for our economic well-being and the urgent need for diversification has been widely recognised and is clearly the most critical challenge for our policymakers.

“But even as we seek to diversity from oil, and we are, indeed, making observable progress in this regard, we cannot ignore the need to continue to exploit this God-given resources in a more efficient and innovative manner,” he concluded.

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