Dangote’s Lagos refinery to start operations by mid-2018

AN oil refinery, being promoted by Dangote Group, is expected to come on-stream latest by the first half of 2018, in Lagos.

The plant will be able to process 500,000 barrels of crude a day, according to Dangote Industries’ operations director for petroleum refining, George Nicolaides, in an interview at the Platts African Refining Summit in Cape Town Monday.

“The site is being cleared, the plant is being designed,” Nicolaides said, adding that the organization is “close to the beginning of detailed engineering.”

In September last year, Dangote said it had agreed on a $3.3 billion loan with 12 Nigerian and foreign lenders to build the refinery as well as a petrochemical and fertilizer complex costing a total of $9 billion.

At that time, the facility in Africa’s biggest economy was expected to be completed in 2016 and the initial capacity of the refinery was put at 400,000 barrels a day.

“We have a very ambitious construction schedule,” Nicolaides said. “I’m not sure about the history of those dates.”

While Nigeria is Africa’s top producer of crude oil, it relies on fuel imports to meet more than 70 percent of its needs. Four state refineries with a combined capacity of 445,000 barrels a day are operating at a fraction of that because of poor maintenance and aging equipment.

Dangote selected Engineers India Ltd. to do most of the detailed engineering work for the new plant. Construction contractors were yet to be appointed.

“Supplying the local market is the primary objective,” Nicolaides said. “Naturally we can move product to the region. The government is being very supportive, very enthusiastic about this project. We are not looking for or wanting any particular subsidies.”

Guardian: Monday, 17 November 2014 19:45
Written by EDITOR
Category: Business News

SOURCE: www.ngrguardiannews.com/business/186952-dangote-s-lagos-refinery-to-start-operations-by-mid-2018

Good news. Dangote is a good enterprenuer but my challenge with him is his monopolizing power in every sector he is into.

And some dumb people would be comparing this Nigeria-god to a mere mortal called Ayiri..

Ride one my mentor.

Welcome development....

dangote is a giant,he sees d future,jst like wat he did in cement sector,i blv d issues of petroleum products import will soon b a tin of d pst,i am coming to take over from him!

I have a dream

Y did he not build it in kano or in the NE states

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Please is there any cheat I can use to move a thread to front page

[size=14pt]Wow, Oil Refinery ... Dangote will definitely rocket to the top 10 richest in the world by the time he starts this fully. Presently, he is the #25th Richest in the world behind Facebook founder, Mark Zuckerberg. The top 100 list is available here - http://www.stevenbergy.com.ng/2014/04/top-100-richest-people-billionaires-in_1154.html [/size]

I wish we had more of this man in Nigeria... The Government have failed Us!... WHICH WAY NIGERIA

Good move!

dangote still no 1 in africa in terms of business others na duplicate.

but we need change of power, pdp have failed nigerians..since 1999 things are getting worse.

zubby29:
dangote is a giant,he sees d future,jst like wat he did in cement sector.

Dangote cement plant, Ibese Ogun state

Dangote will not be able to solve the problems we find ourselves in.

With more oil producing countries,reduction in exportation,stiff competition among producing countries.

Nigerians brace yourself for inflation.

One of the solution is to engage in Agricbusiness to position yourself strategically by taking advantage of the inflation,producing and processing of food products.

The future of this country is already here (Agriculture)

Check my articles on the agric section to know more about making money from agribusiness and creating wealth.

Investing in agriculture is your fast lane to making millions.

Our economy takes undulating direction, keeps flunctuating every hour,up today down tomorrow,

Start now...it might be too late tomorrow

nvnnyz:
Y did he not build it in kano or in the NE states

stop being political on issue like dis nah. HaBa!!!

Let those who sell fake drugs and second hand clothes inside their 2x2 inches shop continue to deceive themsleves about how they control the economy of Lagos while real enterpreneurs put their money where their mouth is

Nice

AJINATU:
Let those who sell fake drugs & second hand clothes inside their 2x2 inches shop continue to deceive themselves about how they control the economy of Lagos while real enterprenuers put their money where their mouth is.

ajinatu.......don't you fink its too early??

I kinda have faith that it's possible.

GboyegaD:
Good news. Dangote is a good enterprenuer but my challenge with him os his monopolizing power in every sector he is into.

..i dont trust him...that man is up to somethn.

c moni....

btw.....wud dat mk fuel price drop down tu N60

2018 ?
If naija never divide by then

AJINATU:
Dangote

Yes, cn i help u?

Great,we want more of this.

I can't wait. This corruption is just too much.
Our refineries are working at 40% capacity..

And at 40% capacity, it will produce 600 barrels per day..

Nigerians use less than 500 barrels per day..and yet, we import..

Import what? What happened to the ones produced by our refineries?

Even NNPC claimed to be importing...

All scam!!

feamtrik:
..i dont trust him...that man is up to somethn.

ah kinda doubt

AJINATU:
Let those who sell fake drugs & second hand clothes inside their 2x2 inches shop continue to deceive themselves about how they control the economy of Lagos while real enterprenuers put their money where their mouth is.

ajinatu.......did u wake up from bad side of ur bed this morning.......its too early,don't you think so? Go brush your teeth****

Great news this is, we know Aliko doesn't brag