Indications have emerged that the Dangote Refinery and Petrochemical Plant is targeting to commence operating the refinery’s maximum 650,000 barrels per day capacity in the next 30 days.
The Head of Dangote Refinery, Edwin Devakumar, made this known on Monday during an interview with Reuters.
According to him, the $20bn refinery built by Nigerian billionaire Aliko Dangote in Lagos began processing crude into products, including diesel, naphtha, and jet fuel, in January last year and started processing petrol in September.
“The refinery is currently operating at 85% capacity, and we can go 100 percent in 30 days,” Devakumar stated.
He noted that last year, the refinery had to import crude oil after it could not secure enough supply locally, despite an agreement with the Nigerian government to buy crude in the local naira currency.
Devakumar stated that the refinery is actively exploring all available markets to expand its reach.
The refinery is expected to compete with European refiners once it reaches full capacity but has faced challenges in securing sufficient crude locally.
Last year, the refinery turned to importing crude after it was unable to secure sufficient volumes despite an agreement with the Nigerian government to buy crude in the local naira currency.
He disclosed that the refinery has asked for 550,000 bpd of crude for January-June this year from oil the Nigerian National Petroleum Company Ltd (NNPCL), according to the oil regulator, which has also said it would block export permits for oil cargoes from producers who fail to meet their stipulated supply quota to local refineries.
The Dangote Oil Refinery is exploring new markets for its refined products. Founder Aliko Dangote told a group of Nigerian professionals who visited last week that it was sending two cargoes of jet fuel to Saudi Aramco as part of its plans to expand.
“We are looking at all the markets right now,” said Devakumar.
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