…Dangote Refinery dedicates 53% capacity for fuel production
By Michael Eboh
The Nigerian National Petroleum Corporation, NNPC yesterday, stated that it would encourage more private individuals to invest in setting up crude oil refineries in the country to end the importation of petroleum products.
This was even as the Dangote Group disclosed that 53 per cent of its soon-to-be-completed 650,000 barrels per day capacity refinery would be dedicated to the production of premium motor spirit, also known as petrol.
In a statement by the NNPC in Abuja, Group Managing Director of the corporation, Mallam Mele Kyari, also declared that the NNPC was not in contest for market share with the forthcoming Dangote Refinery but rather providing support to the promoters of the project to boost in-country refining capacity.
Kyari, who was speaking while receiving the President and Chief Executive Officer of the Dangote Group, Alhaji Aliko Dangote, in Abuja, explained that as the chief enabler of the Nigerian economy, the NNPC had a duty to rally industry players like Dangote Group to achieve the long held target of making Nigeria a net exporter of petroleum products.
He assured that the same level of support would be provided to other promoters of refineries, noting that the ultimate goal was to enhance in-country production to the point of self-sufficiency and ultimately for export.
Also speaking, Dangote emphasized that the business approach of the Dangote Refinery was to see NNPC as a collaborator rather than a competitor, noting that the refinery would rely heavily on the corporation’s invaluable knowledge of the refining business in Nigeria to achieve its central objective.
Dangote said the company’s objectives were aligned with the Federal Government’s aspiration to ensure adequate in-country refining capacity, stating that upon completion the refinery would dedicate 53 per cent of its projected 650,000 barrels per day refining capacity to the production of petrol.
“The most important thing for us is to see how we can partner with NNPC, it is not to see how we can compete with NNPC. We would like NNPC to be part of us and we also want to be part of NNPC. I think that is the only way we can achieve a win-win situation,” he said.