Aliko Dangote, President of Dangote Group, has shown the first sample of petrol from his refinery in Ibeju-Lekki, Lagos.
On Tuesday, Dangote presented this during a broadcast. His refinery can process 650,000 barrels of oil per day and has been testing the product.
Dangote praised Nigerians and President Bola Tinubu’s government for supporting growth and stability. He thanked President Tinubu personally for the idea of trading crude oil for Naira, which he believes will help stabilize the Naira.
Dangote said the refinery will clearly show how much fuel Nigeria truly uses and allow tracking of all deliveries. He also mentioned that the refinery will supply not only Nigeria but also sub-Saharan Africa.
The PUNCH reported that Dangote and other local refineries have often accused international oil companies (IOCs) of not selling crude to them. Recently, the government said a crude oil supply deal will start in October.
Dangote Group management claimed that IOCs prefer selling through foreign agents, making local crude prices higher. They also alleged that foreign producers prioritize Asia over Nigeria for selling crude.
Last month, Dangote refinery had a dispute with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) over the supply of 29 million barrels of crude oil.
Dangote Group accused NUPRC of not enforcing Domestic Crude Supply regulations, saying they didn’t receive enough local crude. NUPRC denied this, stating they had provided over 29 million barrels to Dangote from January to June 2024.
NUPRC asserted they ensured local crude supply to Dangote and other refineries through a monthly production platform. But Dangote Group countered, saying they hadn’t received that amount of crude.
Anthony Chiejina, spokesperson for Dangote Group, acknowledged NUPRC’s effort in allocating 29 million barrels but clarified they haven’t received the cargoes yet. He added that apart from a deal with NNPCL, they have only bought one cargo from a local producer and the rest from international traders.
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