Tajbol4splend:
Look at the comments, Nigerians are so daft, especially the youths.

Tajbol4splend:
Look at the comments, Nigerians are so daft, especially the youths.

marvellous2222:
so you can't comment without using offensive word.....

sweetgala:


The refinery is a business not a charity.

Anguldi:
Neocolonialism

No cheap fuel for Nigerians, I guess one of the condition of the loans the company got. International financers are rouques normally

Freestar:



You get. So it's all about interest. Foreign interest. Nigeria, if it is at all on the priority list, will not be anywhere around the top.

nedekid:

Do you know how much of your money entered that refinary? Part of the reason Nigerians are suffering right now is that place. Aside the official over $3b Nnpc paid to dangote as equity to ensure crude is refined for local consumption, that place was financed with cheap, lower than cbn rate dollars from cbn. Practically all the forex was given to dangote whole other busineses and industries suffered scarcity. Dangote practically ruined Nigeria, but the hope was that ultimately, the country will rip the fruits of it investments through stopping importation of petroleum products.
Where are we now? Dangote has started the place and he is focusing on exports, over 8m barrels of products exported without first servicing local demand or atleast easing the suffering.

pharmagba:

Me I have 2 questions
1-whats dangote refinery hiding and not telling Nigerians?
2-what's Dangote running from?

sweetgala:


The refinery was already in a free trade zone. Common man don't you understand some basic principles

Tajbol4splend:
Look at the comments, Nigerians are so daft, especially the youths.

shoodboi2:


How does that relate with what I said?

Islie:

President of Dangote Group, Aliko Dangote, is planning to set up an oil trading firm that would be based in London as part of strategies to help run crude and product supply for his new refinery in Lagos, Nigeria.

This, according to six sources familiar with the matter, who told Reuters on Tuesday that, “the giant 650,000 barrel-per-day refinery is set to redraw global oil and fuel flows and the trading community is closely watching the way it will operate.”

Punch Online reports that Dangote unveiled the Dangote Petroleum Refinery in Ibeju-Lekki, Lagos on May 22, 2023.

The move, according to a Reuters report on Tuesday would reduce the role of the world’s biggest trading firms, which have been negotiating for months to provide the refinery with financing and crude oil in exchange for products exports.

Dangote, whose wealth is estimated by Forbes at $12.7bn, did not reply to several comment Reuters requests as of the time of filing this report.

BP, Trafigura and Vitol among others have met Dangote in Lagos and London in recent weeks to offer loans for the some $3bn in working capital the refinery needs to buy large amounts of crude, trading sources told Reuters.

The traders asked the refinery to repay loans with fuel exports but so far, they have signed no deals as Dangote worries they would reduce his control of the project and potentially his profit, the sources said.

Dangote has also met state-backed firms in his search for cash and crude.

“He is going to try and do it himself,” an industry source told Reuters.

Sources told Reuters the new trading team will be led by ex-Essar trader, Radha Mohan.

Mohan joined Dangote in 2021 as director of international supply and trading, according to his Linkedin profile.

Two sources said the team was in the process of hiring two new traders.

Reuters report further stated that “the Lagos refinery took nearly a decade to complete and it came in at a cost of $20bn, some $6bn over budget.

“The plant has refined around 8m barrels of oil between January and February and will take months to get to full capacity.

“So far, Vitol has prepaid for some product cargoes to help the refinery buy crude, while Trafigura has swapped some crude oil in exchange for future fuel cargoes, sources with knowledge said. Geneva-based Vitol and Trafigura declined to comment.”


https://punchng.com/dangote-plans-london-trading-firm-for-lagos-refinery-report/?amp

nedekid:

Do you know how much of your money entered that refinary? Part of the reason Nigerians are suffering right now is that place. Aside the official over $3b Nnpc paid to dangote as equity to ensure crude is refined for local consumption, that place was financed with cheap, lower than cbn rate dollars from cbn. Practically all the forex was given to dangote while other busineses and industries suffered scarcity. Dangote practically ruined Nigeria, but the hope was that ultimately, the country will rip the fruits of it investments through stopping importation of petroleum products.
Where are we now? Dangote has started the place and he is focusing on exports, over 8m barrels of products exported without first servicing local demand or atleast easing the suffering.

Againstallodds:
This refinery is like a mirage. We have we have secured 5 million barrels of crude for refining and you expect to see dangote patrol in the next one week but one month will pass and not even a cup of refined product will be seen in the market

Tajbol4splend:
Look at the comments, Nigerians are so daft, especially the youths.

Anguldi:

Nigeria is at the bottom. Company just dropped crude oil from US. Company has stated that their products are for export. In this very report, foreign trading wants to buying all the products (meaning they will determine the final price)
Hopefully when BUA comes on board, things might get better

sweetgala:


And the Nigerian people through their stake in NNPCL, CBN and other agencies who have a position in the refinery (I believe 20%) would continue to benefit the returns of these investments into the national treasury.

The issue I have is the underhand dealings of tye CBN and the FX issued for the construction of the refinery so mush is clouded in mystery.

Exousiang01:

That refinery requires a stock feed of 6m barrels of crude oil to produce.
Ignorance is what makes most of you go about talking trash.
How many barrels does the country produce per day?

Againstallodds:
600000 thousand barrels per day refinery requires a feed stock of 6m barrels to produce? Most of you think you are talking to a tinubu brainless supporters

Exousiang01:

Are you sure you know what feed stock is?
Do you want them to go about buying crude oil everyday.
Na ignorance dey worry una.
Even people sell food don't go about buying foodstuff everyday, they keep a feed stock for them remain consistent.
You seem to be the brainless one here cos that feed stock is even small. 6m barrels feedstock means they will have to restock every 10days are you thinking?
Even people wer dey sell coke and Pepsi dey get stock to take them longer than that....
You see that you are actually brainless.
Or you think crude oil is something you can just buy on konga or jumia and it will arrive 5 days?

Againstallodds:
you should be telling this to your fellow tinubu APC brainless supporters. The last time they told us it Was regulatory issues and today you have manufactured that its feed stock. Probably you have the operational manual of the refinery

Exousiang01:


I told you it was regulatory issues?
Is your brain located under your foot?
You know nothing about the oil and gas industry anyways.
This feels like explaining drilling to an okada man, he will think it's borehole, when you start talking about mudlogin he says you are Tinubu fan because he can't understand.

Tajbol4splend:
Look at the comments, Nigerians are so daft, especially the youths.

Againstallodds:
another petroleum engineer from Chicago state university. I give up on you

Exousiang01:

Says a man who can't defend his ignorance