Browsing: Nigeria Oil

• The construction took over 20 years and bears a processing capacity of 650,000 barrels per day 250,000 per day of gasoline and 100,000 of diesel.
• The Dangote oil refinery might halt the decades-long gasoline trade from Europe to Africa worth $17 billion each year.

Dangote Oil Refinery

Aliko Dangote, Nigeria’s and Africa’s wealthiest man ambition to foster energy reliance in his motherland and the region at large might be at risk. The giant oil refinery which is said to possess the potential to end decades-long gasoline trade from Europe to Africa worth $17 billion a year.

Concerns and tensions are high as a myriad of issues emerged before and since the $ 20 billion refinery came to life. According to various news reports, including the BBC and Reuters, the construction began in 2016 and started producing diesel and aviation fuel in January this year as petrol is expected to …

• This initial batch is designed to sustain the facility’s ambitious goal of processing 350,000 barrels per day during its initial operational phase.
• The 650,000 barrels per day Dangote Petroleum Refinery can process most African crude grades as well as Middle Eastern Arab Light and even US Light tight oil as well as crude from other countries.
• A major step towards boosting Nigeria’s domestic refining capacity and attaining energy security (self-sufficiency).

Dangote Refinery, a 650,000 barrels per day plant has started operations by striking strategic alliances and resource acquisitions as it seeks to redefine Nigeria’s oil industry standards.

One such landmark development is the recent procurement by the Dangote Petroleum Refinery and Petrochemicals plant of 1 million barrels of Agbami crude grade from Shell International Trading and Shipping Company Limited (STASCO).

This significant move marks a crucial step in the refinery’s journey, as it not only serves to facilitate …

The second issue the MoU covers is building capacity on health and safety standards, which is another key disqualifier marked on local companies when competing with global actors in the oil and gas market.

Further, the MoU brings onboard knowledge to help the local technocrats, upcoming companies, and experts submit and succeed at various tenders offered on the international markets. In most cases, local companies have lost tender bids to experienced foreign companies.

“We need the local players to understand deeply about these oil and gas related tenders and deliver within the internationally recognized standards”, He added.

The ATOGS chief didn’t hold back his grand ambition to transform Tanzania’s business operations for the greater good, highlighting Nigeria’s success story.…

As a gigantic energy superpower, Russia’s foreign direct investment (FDI) accounts for less than 1 per cent of Africa’s total FDI.

However, African Business argued that, with Russia being a small trading partner to Africa compared to the United States and China, the impact on trade would be marginal—yet few Africa developing economies such as Uganda will be more exposed.

Further, United Nations Conference on Trade and Development (UNCTAD) data show that Russia accounts for 2 to 3 per cent of Africa’s trade with the world—most of it is exports.

“Russia also accounts for 2 per cent of the world’s exports to Africa, and only 0.5 per cent imports from the continent” African Business.…

Nigeria, Africa’s largest economy which performed well in the fourth quarter of 2019, since the 2016 recession, could contract in the second quarter in 2020.

The possibility of a contraction is backed by, three gauges of business activity that pointed to difficulties the central bank face in trying to stave off a recession in Africa’s largest economy, according to information from Bloomberg News.

As Nigeria struggled to recover from a 2016 contraction is set to slow down economically, due to the lockdown rolled in to curb coronavirus spread.

According to Stanbic IBTC Bank and IHS Markit’s purchasing managers index rose slightly to 40.7 in May from 37.1 the previous month, suggesting economic conditions are worsening even as the government relaxes a lockdown in key cities to curb the spread of the virus.

READ: Nigeria records high quarterly GDP growth in the fourth quarter

However, according to Bloomberg News, Gbolahan Taiwo, …