An end is in sight to exploitation of African countries with huge appetite for refined petroleum products from European refiners as Dangote’s giant refining facility in Nigeria commences operations.
African countries have relied on importation of white products from Europe with a net value of $17 billion annually.
With commencement of refining operations, Dangote oil refinery is about bringing to an end a decades-long petroleum trade from Europe and mounting pressure on European refineries already at risk of closure from heightened competition, analysts and traders told Reuters.
The Dangote refinery built at a cost of $20 billion commenced production in January and has the capacity to refine up to 650,000 barrels per day (bpd) and will be the largest in Africa and Europe when it reaches full capacity.
The facility is a turning point for Nigeria’s quest for energy independence, which had relied on importation of almost all its fuel due to lack of in-country refining capacity.
Leadership Newspaper
