Billionaire businessman Aliko Dangote announced plans to roll out petrol from his $20 billion refinery next month and list it on the stock market in the first quarter (Q1) of 2025.
Speaking at a press briefing in Lagos on Sunday, Dangote revealed that petrol sales directly to marketers would commence in August 2024.
The refinery, set to begin full operations in 2024, will initially refine intermediate products such as polypropylene, naphtha, RCO, gasoline, diesel, and jet fuel.
Dangote outlined the production timeline, indicating that the refinery would reach a capacity of 500,000 barrels per day (bpd) with 15 crude cargoes per month by August, increasing to 550,000 bpd by year-end and 650,000 bpd by Q1 2025.
He confirmed that petrol production would start in July, with sales slated for August.
Addressing previous supply challenges, Dangote noted that the issue was resolved after intervention from the federal government.
Listing the refinery and fertilizer plants on the Nigerian Exchange Group (NGX) is also part of Dangote’s strategy, aimed at expanding investor base and enhancing shareholder value. The listings are scheduled for Q1 2025.
Dangote clarified that the Nigerian National Petroleum Company (NNPC) Limited’s stake in the refinery stands at 7.2%, contrary to earlier reports of 20%, due to its failure to fulfill financial obligations.
He expressed disappointment over delays in securing a site for the Dangote Petrochemical Facility in Ogun State, which resulted in a $500 million loss.
Despite challenges, Dangote emphasized the monumental achievement of building Africa’s largest single-train refinery complex, positioning the Dangote Group as a global leader in construction and engineering.
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