Nige­rian oil re­fin­ery ex­pected in 2018

The Star Early Edition - - COMPANIES -

DAN­GOTE Group ex­pects an oil re­fin­ery it is build­ing in Nige­ria to come on stream in late 2017 or the first half of 2018. The plant in the La­gos area would be able to process 500 000 bar­rels of crude a day, George Ni­co­laides, Dan­gote In­dus­tries’ op­er­a­tions di­rec­tor for pe­tro­leum re­fin­ing, said at the Platts African Re­fin­ing Sum­mit in Cape Town yes­ter­day. “The site is be­ing cleared, the plant is be­ing de­signed,” he said. “We are close to the be­gin­ning of de­tailed en­gi­neer­ing.” In Septem­ber last year, Dan­gote said it had agreed on a $3.3 bil­lion (R36.5bn) loan with 12 Nige­rian and for­eign lenders to build the re­fin­ery, as well as a petro­chem­i­cal and fer­tiliser com­plex cost­ing a to­tal of $9bn. At the time, the fa­cil­ity was ex­pected to be com­pleted in 2016 and the ca­pac­ity of the re­fin­ery was put at 400 000 bar­rels a day. “We have a very am­bi­tious con­struc­tion sched­ule. I’m not sure about the his­tory of those dates.” While Nige­ria is Africa’s top pro­ducer of crude oil, it re­lies on fuel im­ports to meet more than 70 per­cent of its needs. Four state re­finer­ies with a com­bined ca­pac­ity of 445 000 bar­rels a day are op­er­at­ing at a frac­tion of that. – Bloomberg

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