BusinessHighlight

Dangote Refinery set to commence production, recieves 950,000 barrels of crude oil

"The tanker is expected to arrive on December 7 around 8 p.m.; this shipment marks the initiation of crude supplies for the refinery’s operations"

1.3k

The Dangote Oil Refinery is finally set to commence fuel production as the first crude shipment arrives at the facility on Thursday.

S&P Global confirmed this in terse statement, stating that the OTIS tanker, carrying a 950,000 barrels of Nigeria’s Agbami crude set sail on December 6.

The Suezmax tanker, chartered by the state-owned Nigerian National Petroleum Company Ltd (NNPC Ltd), symbolises the initial crude supply to Dangote’s state-of-the-art refinery as it gears up for production.

“The tanker is expected to arrive on December 7 around 8 p.m.; this shipment marks the initiation of crude supplies for the refinery’s operations,” the statement said.

According S&P Global, the tanker is currently en route to Lekki, Lagos State, which is the nearest land port to Dangote’s offshore crude receiving terminal.

Persecond News had reported that the NNPC Ltd, In its bid to attain energy security in the country and boost domestic refining, was set to deliver six million barrels of crude oil to the refinery in December.

The oil company has already taken an equity stake in the Dangote refinery and will start supplying crude oil to the facility.

On November 26, Aliko Dangote confirmed that the refinery will begin operations in December 2023.

According to Dangote, the long-awaited refinery is starting with 350,000 barrels a day, and also confirmed that a deal had already been clinched for the first cargo of about 6 million barrels of crude for delivery in December 2023.

Section 109 of the Petroleum Industry Act (PIA) 2021 stipulates domestic crude oil supply obligation to refineries, including the Dangote Refinery as well as NNPC refineries in Port Harcourt, Warri and Kaduna and the modular refineries scattered all over the country.

The section also provides that the supply of crude oil to the domestic market shall be on a willing buyer and willing seller basis.

Leave a comment

Related Articles

ECOWAS faces most difficult challenges since its formation – Ejime

A public affairs analyst, Mr. Paul Ejime, has lamented that the Economic...

Economic hardship: Lagos Govt. employees except teachers to work three days a week – Sanwo-Olu

Civil servants from grade levels 1 to 14 will start working three...

Tinted glass permit: Police to train enforcement officers, ICT analysts on issuance

In a bid to improve national security and curb criminal activities facilitated...

Senate Confirms Cardoso, Yuguda, 10 Others As Chair, MPC Members

The Senate has confirmed the appointments of the governor of the Central...

Breaking: Nigeria’s GDP grew by 3.46% in Q4 2023 – NBS

The National Bureau of Statistics (NBS) has announced growth in Nigeria’s gross...

FG stops exportation of cooking gas to crash price

The Federal Government, in its bid to crash the price of cooking...

Ex-Brazilian star Dani Alves jailed four years for rape

Ex-Brazilian star Dani Alves has been sentenced to four and a half...

Economic hardship: Nigerian military warns against calls for coup

The Nigerian military authorities have issued a stern warning to those calling...

Just in: After 26-month self-exile, Yoruba nation activist, Sunday Igboho returns to Nigeria

Chief Sunday Adeyemo, also referred to as Sunday Igboho, a foremost Yoruba...

Just in: 86 people murdered daily in South Africa — Police Minister

At least 86 people are killed daily in South Africa, according to...

Appointment: Kemi Nandap is the new Comptroller-General of Nigeria Immigration Service

The Nigeria Immigration Service (NIS) has a new Comptroller-General. She is Deputy...

Just in: Labour Party’s National Chairman, Abure, Arrested

The National Chairman of the Labour Party (LP), Mr Julius Abure, has...

Economic hardship: FG set to restart direct cash transfers to 15m households

The Federal Government has concluded plans to restart direct cash transfers to...

Senate to FG: Discard electricity subsidy removal for now

The Senate has urged the Federal Government to refrain from removing the...

Economic hardship: Elumelu to partner MOFI to boost economy

Nigerian philanthropist and Chairman of Heirs Holdings Group, Mr. Tony Elumelu, has...

Bayern sack Thomas Tuchel, to exit in June

Following the abysmal performance of Bayern Munich this season, Thomas Tuchel will...

Shelve protest, embrace dialogue, DSS warns organised labour

The Department of State Services (DSS) has issued a stern warning to...

Just in: 2025 AFCON to be played in July, August in Morocco

Despite the Confederation of African Football (CAF) President not giving a tentative...

Eschew negative tendencies capable of destroying Nigeria’s reputation, NIPR President urges Nigerians

The President of the Nigerian Institute of Public Relations (NIPR), Dr. Ike...