Dangote holding a bottle of a refined petrol in his refinery on Tuesday.....CONTINUE READING THE ARTICLE FROM THE SOURCE
The President of Dangote Group, Aliko Dangote, has presented the first sample of Premium Motor Spirit, commonly known as petrol. Dangote made the presentation on Tuesday during a broadcast at his refinery located in the Ibeju-Lekki area of Lagos State.
The refinery, with a capacity of 650,000 barrels per day, has been engaged in a test run of the product. “I would like to commend the people of Nigeria and the government of President Bola Tinubu for providing us with the platform for growth, development, and prosperity. I also want to thank him personally for introducing the idea of exchanging crude for Naira. This initiative will contribute to the stability of the Naira. “With this refinery in operation, we will have a clear picture of Nigeria’s true consumption. We will be able to track every truck and shipload,” he said.
He also stated that his refinery would meet the demands not only of Nigerians but also of sub-Saharan Africa.
The PUNCH reports that Dangote and other local refineries have repeatedly accused international oil companies of not selling crude to local refiners. Recently, the Federal Government announced that the crude oil supply deal would commence in October. The management of Dangote Group also claimed that the IOCs insisted on selling crude oil to their refinery through foreign agents, asserting that the local price of crude would continue to rise because trading arms offered cargoes at $2 to $4 per barrel above the NUPRC’s official price. The group further alleged that foreign oil producers appeared to prioritise Asian countries when selling the crude they extract in Nigeria. Last month, The PUNCH also reported that the Dangote refinery was engaged in a dispute with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) over the alleged supply of 29 million barrels of crude oil to the refinery.
The Dangote Group accused the NUPRC of failing to enforce the Domestic Crude Supply Obligations regulations effectively, claiming the refinery had not received enough crude locally. In response, the NUPRC denied the claim, stating that it had facilitated the supply of over 29 million barrels of crude oil to Dangote from January to June 2024.
The NUPRC maintained that it had ensured the domestic supply of crude oil to Dangote refinery and other refineries through the monthly production curtailment platform. However, in a swift rebuttal, the Dangote Group denied receiving 29 million barrels of crude from any source. The spokesperson for the Dangote Group, Anthony Chiejina, said, “We acknowledge NUPRC’s statement that they have facilitated the allocation of 29 million barrels of crude oil to Dangote Petroleum Refinery and Petrochemicals. While we appreciate this allocation, we must clarify that we have yet to receive these cargoes. “Apart from the term supply we bilaterally negotiated with NNPCL, so far, NUPRC has only facilitated the purchase of one crude cargo from a domestic producer. The rest of the cargoes we have processed were purchased from international traders.”
