….Dangote Refined petrol lands in US for first time
Aliko Dangote, president of the Dangote Group, says if the decision to build the Dangote refinery had gone wrong, lenders would have taken over his assets.
Dangote spoke on Monday during a press conference to mark the first anniversary of the launch of petrol from the 650,000 barrels-per-day refinery.
Reflecting on the challenges faced during the refinery’s development, Dangote said the refinery project involved huge risk.
According to the billionaire, he received several warnings from industry experts, investors, local and foreign government officials, who argued that only sovereign nations undertook such a large-scale refinery venture.
“The decision to build the refinery was not easy. If it had gone wrong, lenders would have taken our assets. But we believed in Nigeria and Africa,” he said.
Acknowledging the numerous challenges the refinery has faced since its inception, Dangote emphasised the company’s resolute commitment to Nigeria and Africa.
“The journey has been challenging because we sought to transform the downstream sector in Nigeria. Some believed we were taking food from their tables, which simply isn’t true,” he said.
“What we have done is to make our country and continent proud. Previously, only two African countries were not importing petrol, but regrettably, they have since resumed imports. This is detrimental to Africa.”
In 2024, foreign oil traders reportedly offered loans to provide working capital for Dangote refinery in exchange for fuel from the plant.
On August 4, the African Export-Import Bank (Afreximbank) said it had signed a $1.35 billion financing facility with Dangote refinery.
Nigeria’s Dangote Refinery petrol lands in US for first time
Meanwhile, Nigeria’s Dangote Refinery’s premium motor spirit, PMS, has arrived in New York, United States, for the first time.
According to Reuters, Sunoco and Vitol organised the shipment on Monday.
The delivery on the tanker, Gemini Pearl, marks a major milestone for the 650,000-barrel-per-day Dangote refinery.
Reuters reported that an additional shipment of Dangote petrol, which Glencore sold to Shell, is planned to reach New York on September 19.
The deliveries represent an important achievement for the $20 billion Ibeju Lekki-based refinery.
Aliko Dangote, the President of Dangote Refinery, at an event on Monday, said the refinery exported 1.1 billion litres of petrol in three months.
He explained that his refinery has come to make Nigeria a net exporter of fuel and has erased the era of petrol queues in Nigeria.
“We have been battling fuel queues since 1975, but today Nigerians are witnessing a new era.”
