Business News
Dangote Refinery boosts output to 1.4 Million barrels Per Day
The Dangote Refinery is set for a massive expansion, with its capacity increasing from 650,000 barrels per day (bpd) to 1.4 million bpd, Very Nigeria reports.
Aliko Dangote, President of the Dangote Group, made the announcement at a press briefing in Lagos on Sunday, alongside his close associate, Femi Otedola, Chairman of First Bank.
Dangote said the upgrade would make the facility the largest refinery in the world, overtaking India’s Jamnagar Refinery.
“We are expanding the Dangote Petroleum Refinery from 650,000 barrels per day to 1.4 million barrels per day. Upon completion, this will make it the largest refinery in the world, surpassing the Jamnagar Refinery in India,” he stated.
According to him, construction work for the expansion will commence immediately and is expected to be completed within three years.
The project will employ about 65,000 workers, with 85 per cent of the workforce being Nigerians.
Dangote also revealed plans to double the refinery’s power generation capacity from 500 megawatts to 1,000 megawatts, while upgrading fuel output to Euro 6 standard, an improvement from the current Euro 5 specification.
In addition, the refinery is expected to be listed on the Nigerian Stock Exchange in 2026, giving citizens the opportunity to become shareholders in the multibillion-dollar enterprise.
Senate, House Committees endorse creation of new South-East State
The billionaire industrialist expressed gratitude to President Bola Ahmed Tinubu for his continuous support, assuring that the expansion would further strengthen Nigeria’s self-sufficiency in refined petroleum products and contribute significantly to job creation and economic growth.
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