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Nigeria’s Dangote wants to set up trading arm for Lagos mega refinery

Nigeria’s Dangote wants to set up trading arm for Lagos mega refinery

Africa's richest man Aliko Dangote is planning to set up an oil trading arm, likely based in London, to help run crude and products supply for his new refinery in Nigeria, six sources familiar with the matter said. The move would reduce the role of the world's biggest trading firms, which have been negotiating for months to provide the refinery with financing and crude oil in exchange for product exports. The giant 650,000 barrel-per-day refinery is set to redraw global oil and fuel flows and the trading community is closely watching the way it will operate. Dangote, whose wealth is…
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Shell agrees to develop Nigeria gas field for Dangote fertiliser

Shell agrees to develop Nigeria gas field for Dangote fertiliser

SHELL Plc has made a final investment decision to build a gas supply facility in Nigeria to feed a fertiliser plant owned by Africa's richest man Aliko Dangote, the company said in a statement. The new facility will supply 100 million standard cubic feet of gas per day from the Iseni field to the Dangote Fertiliser and Petrochemical plant for 10 years, according to the deal agreed by Shell and its joint venture partners TotalEnergies, Eni and the state oil firm NNPC Ltd. The $2.5 billion plant, Africa's largest urea complex with a 3-million-tonne output per year, accounts for 65% of Nigeria's…
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Nigeria’s Dangote Group says it is cooperating with FX investigation

Nigeria’s Dangote Group says it is cooperating with FX investigation

NIGERIA'S Dangote Group said that it was cooperating with an anti-graft commission which is investigating the possible misuse of foreign exchange from the central bank and would provide all required information. In its first comments since the Economic and Financial Crimes Commission (EFCC) visited the company's headquarters in Lagos last week, Dangote confirmed that the agency's officers had sought some documents to help the investigation. The group is owned by Africa's richest man Aliko Dangote. It said it first received a request for documents last month and delivered a batch on Jan. 4 but the EFCC did not accept the documents, insisting…
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Exclusive: Nigeria brings major Dangote refinery to life with own oil supply

Exclusive: Nigeria brings major Dangote refinery to life with own oil supply

NIGERIA'S state oil firm NNPC Ltd will supply the new 650,000 barrel-per-day Dangote oil refinery with up to six cargoes of crude oil in December to be used in test runs, three industry sources with knowledge of the matter said. The refinery, funded by Africa's richest man, Aliko Dangote, will transform oil trading in the Atlantic Basin and remove a lucrative outlet for fuels produced in Europe and the United States that have for years powered the cars, trucks and generators on the continent. The refinery is in the Lekki free trade zone near Lagos. Once it is fully up…
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Passport to Prosperity: Dangote touts visa-on-arrival regime to boost AfCFTA

Passport to Prosperity: Dangote touts visa-on-arrival regime to boost AfCFTA

NIGERIAN business magnate Aliko Dangote is touting seamless mobility for Africans as a panacea for the sluggish adoption of the fledging African Continental Free Trade Area (AfCFTA). Dangote made the proposal during a panel discussion at the ongoing 30th Afreximbank Annual Meetings in Accra, Ghana. "I think what, maybe, African countries need to do is that, why don't you give Africans visas on arrival that will facilitate trade?" Dangote suggested, throwing light on the current cumbersome visa processes that often hinder intra-African business endeavours. His sentiments come as African states, especially the smallest ones, are liberalising travel requirements, indicating a…
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Dangote launches Africa’s biggest oil refinery – 4 ways it will affect Nigeria

Dangote launches Africa’s biggest oil refinery – 4 ways it will affect Nigeria

NIGERIA'S new Dangote petroleum refinery is Africa’s biggest – it will produce 650,000 barrels a day, giving it the potential to address the country’s energy supply crisis. The first product from the refinery is expected to hit the market by the end of July 2023. Owned by Nigerian industrialist and Africa’s richest man, Aliko Dangote, the refinery is expected to boost domestic refining capacity, getting rid of the current consumption shortfall. It will also reduce import dependency and stimulate economic growth. It is the first privately owned crude oil refinery in Nigeria. Nigeria’s existing refineries, plagued by operational inefficiencies under…
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OpEd: Dangote’s Lagos refinery pits climate concerns against economic imperatives

OpEd: Dangote’s Lagos refinery pits climate concerns against economic imperatives

AZU ISHIEKWENE FOR BIRD STORY AGENCY WHEN Africa’s richest man, Aliko Dangote, was dealt a bad hand in a failed transaction, he didn’t give up. Instead – slowly, steadily – he exacted his revenge. His reward? Not a pound of flesh, but millions of barrels of liquid black gold. In 2007 Bluestar, a Dangote-led consortium paid US$721 million for the moribund Port Harcourt and Kaduna Refineries. Months later President Umaru Musa Yar’Adua’s government decided to reverse the sale. The decision was driven by a labour strike and labour groups’ insistence that the refineries (which were only producing at about 20% of their…
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Dangote says it will complete its Nigerian oil refinery in the fourth quarter

Dangote says it will complete its Nigerian oil refinery in the fourth quarter

CAMILLUS EBOH DANGOTE'S 650,000 barrels per day (bpd) oil refinery being built in Nigeria is due to begin production by the fourth quarter of 2022, Group Executive Devakumar Edwin said. "75% hydraulic testing ... as well as 70% of electrical cable fitting have been completed preparatory to the completion of the refinery in the fourth quarter of this year," Edwin said during a site tour with Nigeria's Information Minister Lai Mohammed. The refinery, being built at a cost of $19 billion in Lagos, has 4.74 billion litres of storage capacity, Edwin said. He added that 75% of products will be…
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