Construction of the $12 billion Dangote Refinery, which has the capacity to refine 650,000 barrels per day/bpd, has reached 71 percent completion stage.
The Department of Petroleum Resources, DPR, stated this in its latest report— List of Valid Refinery Licences— obtained by Vanguard.
The report also noted that the refining capacity of Nigeria has increased from 445,000/bpd to 462,000/bpd, as private investors complete the construction of three new refineries, indicating an increase of 3.8 percent.
It listed the refineries to include Waltersmith Refining and Petrochemical Company Limited, OPAC Refineries Limited and Niger Delta Petroleum Resources (Train2), which have 5,000/bpd, 7,000/bpd and 5,000/bpd capacities, respectively.
The refining capacity of the nation’s four refineries, located in Port Harcourt, Rivers State; Warri, Delta State, and Kaduna, Kaduna State, had for several years been stagnated at 445,000/bpd, which was inadequate to meet domestic demand.
Recall that President of Dangote Group, Mr. Aliko Dangote, had stated that “one of the reasons the Central Bank of Nigeria, CBN, is supporting us is that by the time we become operational, we will not only be creating jobs, but will reduce the outflow of foreign exchange.”
– Vanguard
