Dangote Petroleum Refinery has predicted that it could surpass annual turnover of $55 billion as the company set to expand its capacity from 650,000 barrels per day (bpd) to 1.4 million bpd.
President, Dangote Industries Limited and Chief Executive, Dangote Petroleum Refinery, Alhaji Aliko Dangote at a world press conference yesterday in Lagos, said the decision to expand the refinery capacity was driven by the enabling environment created by President Bola Tinubu’s reforms and emerging opportunities across Africa.
According to him, with growing regional demand for cleaner fuels and Nigeria’s evolving policy environment that encourages local refining, the $20 billion facility, already the largest single-train refinery in the world, will more than double its capacity within the next three years, making it a global leader in petroleum refining and a major driver of Africa’s industrial renaissance.
He said the refinery will also expand its polypropylene production capacity from 900,000 metric tonnes to 2.4 million metric tonnes per annum, further boosting the output of linear alkylbenzene, a key ingredient in detergent manufacturing, along with additional production of base oils.
He said: “With this expansion, the refinery transitions from producing Euro V to Euro VI fuel standards, meeting the highest global environmental benchmarks. We will also expand our power generation capacity to 1,000 megawatts, ensuring complete operational self-sufficiency. More than 85 per cent of our workforce will be Nigerians, with continuous investment in skills development and technology transfer. Our commitment to safety, sustainability and local participation remains unwavering throughout every phase of the expansion”.
He said the expansion reflected the group’s belief in Africa’s potential to achieve energy security and transform its economy from being an exporter of raw crude to a hub for refined petroleum products.
He estimated that the refinery’s revenue could exceed $55 billion annually, making it one of the most valuable industrial assets on the African continent.
“This expansion reflects our confidence in Nigeria’s future, our belief in Africa’s potential and our commitment to building energy independence for our continent and the world. It also is about confidence in Nigeria, in Africa and in our capacity to shape our own energy future.
“It is the dream of President Bola Ahmed Tinubu GCFR, for Nigeria to emerge as one of the major suppliers of petroleum products in the world. And with his strong backing through his policies, we are taking on the challenge to make this happen,” Dangote said.
