Alhaji Aliko Dangote, President of Dangote Group, has said that ongoing investment in petrochemicals, refining, fertilizer and gas was driven by the desire to bring innovation and efficiency to Nigeria’s oil and gas sector.
He spoke at Nigeria International Petroleum Summit (NIPS) in Abuja on Monday.
Dangote said the company was committed to the concept of energy efficiency and innovation in the oil and gas sector.
Dangote, who was represented by the Group Executive Director, Mr Ahmed Mansur, said that the 650,000 barrels-per-day capacity refinery is the largest in Africa.
He said the company remained passionate about efficiency and innovation in the oil and gas sector through adding value to the hydrocarbon process.
Dangote said the project would become the world’s largest single train refinery on completion and therefore a boost to Nigeria’s economy.
“The refinery can meet 100% of the domestic requirements of all liquid petroleum products (Gasoline, Diesel, Kerosene and Aviation Jet), leaving the surplus for export.
“This high volume of PMS output from the Dangote Refinery will transform Nigeria from a petrol import-dependent country to an exporter of refined petroleum products.
“The refinery is designed to accommodate multiple grades of domestic and foreign crude and process these into high-quality gasoline, diesel, kerosene, and aviation fuels that meet Euro V emissions specifications, plus polypropylene,” he said.
Dangote disclosed that the fertiliser plant would be the largest in West Africa, with capacity to produce 3.0 million tonnes of Urea per year as part of the gigantic economic transformation project.
He explained that the Dangote Fertiliser complex consisted of Ammonia and Urea plants with associated facilities and infrastructure.
“Nigeria will be able to save $0.5 billion from import substitution and provide $0.4 billion from exports of products from the fertiliser plant. Thus, supply of fertiliser from the plant, which is set for commissioning before the second quarter of 2019, will be enough for the Nigerian market and neighbouring countries,” he added.
Speaking further, he said at a time when the oil and gas industry and the global economy was in a state of flux, it was most appropriate that attention should be given to the future, especially given the incredible speed and quantum of change taking place in every facet of human endeavour.
“Our economy in particular cannot afford to ignore these massive changes. Our decades of dependence on this industry for our economic well-being and the urgent need for diversification has been widely recognised and is clearly the most critical challenge for our policy makers.
“But even as we seek to diversity from oil, and we are, indeed, making observable progress in this regard, we cannot ignore the need to continue to exploit this God-given resources in a more efficient and innovative manner,” he added.
He commended the Management of the Nigerian National Petroleum Corporation (NNPC) for its unwavering support in his quest to make Nigeria self-sufficient in the production of petroleum products.