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    Dangote Group says refinery project on course for completion In Q4

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    Godwin Okaforhttps://naija247news.com
    Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

    Abuja, June 10, 2021 The Dangote Group says its 650,000BPD refinery project under construction in Ibeju Lekki, Lagos will be completed by end of December.
    Mr Edwin Devakumar, the company’s Group Executive Director, Strategy, Capital Projects and Portfolio Development, said this on Wednesday in Abuja.

    Devakumar while delivering a corporate keynote address at the Nigeria International Petroleum Summit (NIPS) assured Nigerians that the project would be completed in December.

    He said: “The refinery has so far achieved considerable milestones considering the global health crisis that hindered the desirable progress.

    “The project has incurred some delays due to the COVID-19 pandemic.

    “As at date, the project construction has progressed to 79 per cent and an overall project completion of 89.50 per cent, considering engineering, procurement and construction.

    “At the current rate of progress the mechanical completion is now expected to be accomplished by fourth quarter. Commissioning is expected to commence immediately.”

    According to him, the 12 billion dollars refinery is expected to process a variety of light and medium grades of crude to produce Euro-V quality clean fuels.

    He said the refinery would also produce 10.4 million tonnes (Mt) of gasoline, 4.6Mt of diesel, and 4Mt of jet fuel a year.

    “It will also produce 0.69Mt of polypropylene, 0.24Mt of propane, 32,000t of Sulphur, and 0.5Mt of carbon black feed annually,” Devakumar added.

    On the economic benefits of the refinery,
    Devakumar said it would create thousands of direct and indirect jobs for Nigerians and increase the country’s Gross Domestic Product.

    He said it would also save the country the foreign exchange expended on importation of petroleum products and guarantee product availability in the market.

    Devakumar said apart from the Nigerian market, the refinery would be exporting refined petroleum products to Europe and South America as part of its business strategy.

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