Trending
- Unlimit-CBK partnership expands presence in Africa’s fintech industry
- Qatar Airways, Shell sign record sustainable aviation fuel supply deal
- East Africa mulls shifting from linear to circular economy
- New forecast expects African airlines to suffer $500M net loss
- The gas project delays costing East Africa billions
- How Zimbabwe’s lifting of import ban is boosting exports
- BAK opposed to Digital Asset Tax under Finance Bill 2023
- Under President Lula, Brazil rekindles trade ties with Africa
Browsing: Dangote oil refinery
The Nigerian government has taken various steps to address the persistent fuel shortages, including rehabilitating the country’s refineries, the establishment of new refineries, and promoting private sector investment in the downstream sector. However, progress has been slow, and the problem persists. However, the Dangote oil refinery’s boost to Nigeria’s oil refining capacity should help the government in its quest to address the persistent fuel shortages and end the energy sector crisis.…
Despite Nigeria being the second biggest oil-rich country in Africa after Libya with an estimated 37 billion barrels of proven oil reserves, the West African country has been depending on imported refined fuel products due to lack of domestic refining capacity.
Dangote Oil Refinery
However, the situation is set to be changed by the coming of Dangote Oil Refinery, a company owned by the Nigeria-based Dangote Group.
The Dangote refinery, a 650,000 barrels per day (bpd) integrated refinery and petrochemical project under construction in the Lekki Free Zone near Lagos, Nigeria, is expected to be the Africa’s biggest oil refinery and the world’s biggest single-train facility, upon completion.
Light and medium grades of crude
The project which is being developed with an estimated investment of $12bn will process a variety of light and medium grades of crude to produce Euro-V quality clean fuels including gasoline and diesel …
As the World shakes off the effects of Covid-19, the global energy sector has a long way to go to recover, but the baby steps have begun.
In his remarks at the 20th Meeting of the Joint Ministerial Monitoring Committee (JMMC), mid last month, the OPEC Secretary General, Mohammad Sanusi Barkindo, underscored the devastating impact of the Covid-19 pandemic and what he described as ‘…its complete disruption of daily life.’
“These monthly meetings of both the JTC and the JMMC send a reassuring message that we are ready, willing and able to address shifting market conditions”, he said during the video conference.
The SG maintained that ‘…the historic actions taken by OPEC and its partners in the DoC have contributed to an improved balance in the oil market compared to the situation in April, however, the JTC and JMMC must remain vigilant in monitoring market conditions.”
While the global …