Browsing: The Nigerian National Petroleum Corporation (NNPC)

Kyari disclosed that the Dangote refinery’s boilers will be fired up in the 2023 first quarter, a development that will assist Nigeria’s “foreign exchange supply problem.”

He went on to say that despite the fact that the NNPCL was still going to be primarily owned by the federation even though it was still in its infancy, the new company will no longer require the approval of either the National Assembly or the executive to borrow money or look for financing for projects.

There is room for unaffiliated third parties to purchase ownership in this business. But as we speak right now, there are more than 200 million Nigerians who are stockholders.

There is a possibility for a second level of privately held ownership, and one way to achieve this would be to sell off part of these shares of equity. This would allow individuals, rather than the nation as a …

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 …