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Dangote Oil Refinery Poses Threat To European Plants - Business - Nairaland

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Dangote Oil Refinery Poses Threat To European Plants by ijustdey: 8:03am On Aug 03, 2018
Femi Asu


The crude oil refinery being built in Lagos by Dangote Industries Limited is a threat to refineries in Europe , which Nigeria relies mostly on for fuel imports , a global provider of energy and commodities information has said .

The Editorial Director , Strategic Oil Markets Development , S& P Global Platts , Andrew Bonnington, said at the S& P Global Platts Lagos Oil & Energy Forum on Thursday that the start of operations at the Dangote refinery would likely lead to the closure of some European refineries .

He told our correspondent on the sidelines of the event , “In Africa , the Dangote refinery is a huge story; one of the biggest refineries in the world being built in Nigeria , likely to supply most of or all of Nigeria ’ s consumption. That clearly has an impact on European refineries , because they export to Nigeria.

“ It is impossible for me to say exactly what the impact will be, but it is not a good thing for European refineries that Dangote refinery is being built . ”

According to Bonnington , Europe is the biggest supplier of petroleum products to Nigeria , with about 75 per cent of petrol consumed in the country imported from the continent .

Last week , the President , Dangote Industries Limited , Aliko Dangote , said he had arranged more than $ 4 . 5 bn in debt financing for his refinery project and aimed to start production in early 2020 .

Dangote , Africa ’ s richest man , is building a refinery with a capacity of 650 , 000 barrels per day to help reduce Nigeria ’ s dependence on imported petroleum products .

He was quoted by Reuters as saying that lenders would commit about $ 3 . 15bn , with the World Bank’ s private sector arm providing $ 150 m , adding that he was investing more than 60 per cent from his own cash flow.

“We will end up spending between $ 12bn and $ 14bn . The funding is going to come through equity, commercial bank loans , export credit agencies and developmental banks . Hopefully, we will finish mechanical (construction ) by next year and products will start coming out in the first quarter of 2020 , ” Dangote added .



https://punchng.com/dangote-oil-refinery-poses-threat-to-european-plants/


lalasticlala

17 Likes

Re: Dangote Oil Refinery Poses Threat To European Plants by Nobody: 8:07am On Aug 03, 2018
Screw the Oyinbo, we gotta make progress on our own.

113 Likes 5 Shares

Re: Dangote Oil Refinery Poses Threat To European Plants by abescom: 8:08am On Aug 03, 2018
The viability of the refinery business would hopefully force others to build something like this.

That will finally and truly mark the end of fuel subsidy and have a good domino effect on the country.

Small small we will get there. All that remains now is for all corrupt politicians to be killed if they refuse to die on their own.

200 Likes 14 Shares

Re: Dangote Oil Refinery Poses Threat To European Plants by PointZerom: 8:09am On Aug 03, 2018
The BLOOD of innocent citizens spilled on your alter on daily basis through coded ritualistic accidents will hunt your generation forever.

7 Likes 4 Shares

Re: Dangote Oil Refinery Poses Threat To European Plants by MANNABBQGRILLS: 8:09am On Aug 03, 2018
In Africa , the Dangote refinery is a huge story; one of the biggest refineries in the world being built in Nigeria , likely to supply most of or all of Nigeria ’ s consumption. That clearly has an impact on European refineries , because they export to Nigeria.


Go on Africa's Best.
We are solidly behind you.

83 Likes 6 Shares

Re: Dangote Oil Refinery Poses Threat To European Plants by Shegzy8(m): 8:09am On Aug 03, 2018
Threat or no threat, we want the best for our dear country..I really don't know why a country in which its politicians promised to diversify the economy is still building a local refinery at this time and age...the world is moving on from oil and we are laying our foundation on that...

8 Likes 1 Share

Re: Dangote Oil Refinery Poses Threat To European Plants by tayo4ng(m): 8:09am On Aug 03, 2018
Not for sale

2 Likes

Re: Dangote Oil Refinery Poses Threat To European Plants by Pavore9: 8:10am On Aug 03, 2018
Good for the Nigerian economy. Oil importers would go look for alternatives.

13 Likes

Re: Dangote Oil Refinery Poses Threat To European Plants by lonelydora: 8:10am On Aug 03, 2018
Dangote should pay his workers well. Let him stop using India's salary scale.

33 Likes

Re: Dangote Oil Refinery Poses Threat To European Plants by Nobody: 8:10am On Aug 03, 2018
Goodnews to Nigerians, bad news to independent oil marketers and to all that is feeding fat on Nigerians.

7 Likes 1 Share

Re: Dangote Oil Refinery Poses Threat To European Plants by seunfly: 8:10am On Aug 03, 2018
That is why I like this man, no matter how distractors, tribalist and others criticises him, I still see him as inspiration. Why other greedy business men prefers to make money without considering Nigeria first, he's always the first to take risk and when the benefits of the risk mature the tribalist and greedy business men will start acting up. Obasanjo issued almost 20 rifinary licences, Dangote was not even among the first but other saw juice in petroleum importation and subsidies, they kept their licenses and go soft and easy.

May God continue to bless this guy.

31 Likes 3 Shares

Re: Dangote Oil Refinery Poses Threat To European Plants by IMASTEX: 8:11am On Aug 03, 2018
I consider it a shame on the government. What a government couldn't achieve with the huge cash flow. An individual is making it happen. The wealth deposited in Nigeria is what should feed the whole Africa continent in the first place. But Nigerians are dying of hunger and starvation.

Kudos to Dan!

11 Likes 1 Share

Re: Dangote Oil Refinery Poses Threat To European Plants by uppermode: 8:11am On Aug 03, 2018
Hmm
Re: Dangote Oil Refinery Poses Threat To European Plants by galadima77(m): 8:11am On Aug 03, 2018
Bolowolowo:
Screw the Oyinbo, we gotta make progress on our own.

i so cincur

4 Likes

Re: Dangote Oil Refinery Poses Threat To European Plants by BESTDEALINLAGOS: 8:11am On Aug 03, 2018
unjo
Re: Dangote Oil Refinery Poses Threat To European Plants by damola1: 8:13am On Aug 03, 2018
Why didn’t they come and build it here first

Whinners

8 Likes

Re: Dangote Oil Refinery Poses Threat To European Plants by QuotaSystem: 8:13am On Aug 03, 2018
Greedy muggers.

Left to them, Africa should eternally remain at the mercy of bloody imperialists.

Kudos to DANGOTE for working hard to release us from the shackles of those Caucasian Shylocks.

Kudos also to the FG for providing several incentives that has sped up the completion of Dangote's mega refinery.

Sai Dangote. Sai Baba.

18 Likes 3 Shares

Re: Dangote Oil Refinery Poses Threat To European Plants by badttrader(m): 8:13am On Aug 03, 2018
They clearly don't like this news

6 Likes

Re: Dangote Oil Refinery Poses Threat To European Plants by nothingspoil70: 8:13am On Aug 03, 2018
FULANI AMAKA

12 Likes 3 Shares

Re: Dangote Oil Refinery Poses Threat To European Plants by udemzyudex(m): 8:13am On Aug 03, 2018
All this noise sef and refinery never start work oo, till then.

3 Likes 1 Share

Re: Dangote Oil Refinery Poses Threat To European Plants by Buffalowings3(m): 8:13am On Aug 03, 2018
M
Re: Dangote Oil Refinery Poses Threat To European Plants by aminho(m): 8:13am On Aug 03, 2018
Sai godiya dan mariya

2 Likes

Re: Dangote Oil Refinery Poses Threat To European Plants by galadima77(m): 8:14am On Aug 03, 2018
Pavore9:
Good for the Nigerian economy. Oil importers would go look for alternatives.

they'd definitely become saboteurs... God go catch and punish saboteurs

9 Likes

Re: Dangote Oil Refinery Poses Threat To European Plants by Abfinest007(m): 8:14am On Aug 03, 2018
that's d reason our refinery is not working

9 Likes 1 Share

Re: Dangote Oil Refinery Poses Threat To European Plants by robotix: 8:15am On Aug 03, 2018
God bless Dangote!

6 Likes

Re: Dangote Oil Refinery Poses Threat To European Plants by QuotaSystem: 8:15am On Aug 03, 2018
nothingspoil70:
FULANI AMAKA

Yes o.

Fulani Amaka!

2 Likes

Re: Dangote Oil Refinery Poses Threat To European Plants by Nobody: 8:15am On Aug 03, 2018
Ogun fire dem. Same way dem dey frustrate power so we go buy gen. Bt we all know dangote wont sell for 145

3 Likes

Re: Dangote Oil Refinery Poses Threat To European Plants by HajimeSaito(m): 8:15am On Aug 03, 2018
angry

I feel sorry for the poor Niger Deltans. The hungry parasitic ones have turned their attention towards stealing the birth right of Niger Deltans.






1 Like

Re: Dangote Oil Refinery Poses Threat To European Plants by Buffalowings3(m): 8:16am On Aug 03, 2018
Sensationalised article written to stroke the egos of Nigerians.

How much is 650000 barrels in the grand scheme of thing's?


Just be happy that Nigeria will have a working refinery.

2 Likes

Re: Dangote Oil Refinery Poses Threat To European Plants by Horus(m): 8:16am On Aug 03, 2018
Africa rising

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