News Post
NNPC in Discussions to Take 20% of Upcoming Dangote Refinery
The state-owned Nigerian National Petroleum Corp (NNPC) is reportedly endeavoring to acquire a 20% piece of the upcoming massive Dangote refinery in Nigeria. This refinery has a capacity for 650,000 barrels per day and is currently expected to begin production in 2022 as the largest refinery in Africa.
NNPC Chief Operating Office for Refining and Petrochemicals, Mustapha Yakubu, confirmed that discussions were progressing recently when he said, “I can tell you today that we are seeking to have a 20 per cent minority stake in Dangote Refinery.” Mr. Yakubu added that even as renewable fuels are seeing a global focus, Africa will indeed continue to use fossil fuels for at least another couple of decades.
The success of the Dangote refinery is key to the country’s desire to reduce its reliance on fuel imports and to take advantage of the vast resources available. Onsite construction at the Dangote facilities is approximately 70% complete and is expected to begin next year, but COVID-19 delays have slowed progress and could end up bumping startup into 2023.
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