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Dangote To Site $8bn Refinery In Olokola FTZ - Politics - Nairaland

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Dangote To Site $8bn Refinery In Olokola FTZ by koruji(m): 3:35am On Jun 06, 2013
I pray Dangote can help get this done.
He would have started on this already if Ya'radua/GEJ did not foolishly return the $800 million he and another bidder paid to take over our "dead" refineries.

http://www.punchng.com/news/dangote-to-site-8bn-refinery-in-olokola-ftz/
JUNE 6, 2013 BY DAYO OKETOLA 18 COMMENTS
Indications emerged on Wednesday that the $8bn refinery proposed by Africa’s richest man and President, Dangote Group, Alhaji Aliko Dangote, would be located at the Olokola Free Trade Zone, Ondo State.

A senior official of the company, who asked not to be named because he was not authorised to speak on the matter, told our correspondent that the refinery would be located in the OFTZ.

One of the factors considered for the location of the refinery, according to the source, is that it is the biggest deep seaport in the country and other big industries are located there; besides, Ondo is one of the oil producing states in the country.

The source added that stable crude oil supply was also a vital element in the choice of the location for the refinery because Chevron and a number of other oil producers had oil fields in the oil-rich region of the state.

On why Lagos was not chosen, industry analysts said though the state was a coastal state, Dangote would have to build pipelines to transfer crude from oil fields to the refinery, thereby incurring additional expenses.

The source explained that necessary approvals had been secured for the refinery, adding that the Dangote Group was just waiting for the necessary equipment with which to build the refinery to arrive.

Another source told our correspondent that Dangote, who was listed on Monday as the first African entrepreneur to lay claim to a $20bn fortune and one of the 25 richest men in the world, would put down $4bn of his personal fortune to build the refinery, while international financial institutions had raised the balance.

Dangote had in April announced plans to invest up to $8bn in building an oil refinery with capacity for around 400,000 barrels a day by late 2016.

The capacity, experts had said, would almost double Nigeria’s current refining strength.

“This will really help not only Nigeria but sub-Saharan Africa. There has not been a new refinery for a long time in sub-Saharan Africa,” Dangote had told Reuters in a telephone interview.

Nigeria currently has the capacity to produce some 445,000 barrels per day in four refineries, which operate well below that owing to decades of mismanagement and corruption in Africa’s leading energy producer.

The country relies on subsidised imports for 80 per cent of its fuel needs.

Dangote said the country’s ability to import fuel would soon be challenged.

“In five years, when our population is over 200 million, we won’t have the infrastructure to receive the amount of fuel we use. It has to be done,” he said.

Past efforts to build refineries have often been delayed or cancelled, but analysts have said Dangote should be able to build a profitable Nigerian refinery, owing to his past successes in industry and his strong government connections.

Analysts have said previous attempts to get the refineries going were held back by vested interests such as fuel importers profiting from the status quo.

“The people who were supposed to invest in refineries, who understand the market, are benefiting from there being no refineries because of the fuel import business. Some are going to try to interfere,” Dangote said.

He said making a new refinery run at a profit would work even if the government failed to scrap the subsidised fuel price that has deterred others from investing.

“We’ve done our numbers and the numbers are okay,” he said.

Dangote, who spoke on the sidelines of the recent World Economic Forum on Africa in Cape Town, South Africa, said he had secured $4.25bn loans from banks to build the refinery.

He said the loan was secured from “two offshore banks and some Nigerian banks.”

2 Likes

Re: Dangote To Site $8bn Refinery In Olokola FTZ by ekubear1: 3:42am On Jun 06, 2013
sweeet
Re: Dangote To Site $8bn Refinery In Olokola FTZ by ujoinme: 4:32am On Jun 06, 2013
eku_bear: sweeet
good move will bring a lot of jobs and development to the area an nigeria @ large
Re: Dangote To Site $8bn Refinery In Olokola FTZ by dayokanu(m): 4:39am On Jun 06, 2013
Well done Dangote
Re: Dangote To Site $8bn Refinery In Olokola FTZ by Rhino5dm: 6:54am On Jun 06, 2013
+1 to south west.

7 Likes

Re: Dangote To Site $8bn Refinery In Olokola FTZ by Nobody: 7:11am On Jun 06, 2013
"Analysts have said previous attempts to get the refineries going were held back by vested interests such as fuel importers profiting from the status quo"

Including the ACN sponsored Ojota
Lagos fuel subsidy protest. Ghana has removed fuel subsidy and heavens did not fall. When in a few years time, the down stream sector of Ghana blossoms, some Nigerians will start making senseless comparison.

Anyway, enemies of progress. God pass all of una. Thank you Dangote

4 Likes

Re: Dangote To Site $8bn Refinery In Olokola FTZ by Livinusc(m): 7:21am On Jun 06, 2013
9c move from Alhaji Alico Dangote @Least dis ll crate enough job opportunity.
Re: Dangote To Site $8bn Refinery In Olokola FTZ by Nobody: 7:34am On Jun 06, 2013
Sincere 9gerian:
Including the ACN sponsored Ojota
Lagos fuel subsidy protest.

^^
Unlike

4 Likes

Re: Dangote To Site $8bn Refinery In Olokola FTZ by Ajibel(m): 8:00am On Jun 06, 2013
I've been a critique of the man in the past but this is commendable and i hope he makes this work succesfully. Also eagerly waiting for other billionaires to follow his footstep.
Re: Dangote To Site $8bn Refinery In Olokola FTZ by Nobody: 8:42am On Jun 06, 2013
Sincere 9gerian: "Analysts have said previous attempts to get the refineries going were held back by vested interests such as fuel importers profiting from the status quo"

Including the ACN sponsored Ojota
Lagos fuel subsidy protest. Ghana has removed fuel subsidy and heavens did not fall. When in a few years time, the down stream sector of Ghana blossoms, some Nigerians will start making senseless comparison.

Anyway, enemies of progress. God pass all of una. Thank you Dangote
dude you are too shallow and sentimental, you have never made any sense even when you struggle to.

Have you seen the price difference of total subsidy removal in Ghana? It is so minute that it can be ignored while in Nigeria, it is almost 80% increase and still we get the lowest quality refined fuel.

5 Likes

Re: Dangote To Site $8bn Refinery In Olokola FTZ by Okijajuju: 9:50am On Jun 06, 2013
How many times this news go enter Frontpage? angry

1 Like

Re: Dangote To Site $8bn Refinery In Olokola FTZ by Ajibel(m): 9:56am On Jun 06, 2013
Why was my post edited embarassed
Oga seun or mukina2,wetin na?
Re: Dangote To Site $8bn Refinery In Olokola FTZ by ZURYZEST(m): 9:56am On Jun 06, 2013
this is a welcome improvement
Re: Dangote To Site $8bn Refinery In Olokola FTZ by Opey4luv(m): 9:58am On Jun 06, 2013
I think this dude got a better brain than our leaders that prefer exporting crude oil and importing refined ones.

1 Like

Re: Dangote To Site $8bn Refinery In Olokola FTZ by ichommy(m): 10:00am On Jun 06, 2013
Good
Re: Dangote To Site $8bn Refinery In Olokola FTZ by Nobody: 10:00am On Jun 06, 2013
Dis is wats up, heavily investing his money here and there. And when his money will reach $100b some nairalanders will have the guts to ask why and how. noting like being in business. Be your own boss no matter how small you start. God will carry you UP.

2 Likes

Re: Dangote To Site $8bn Refinery In Olokola FTZ by jpphilips(m): 10:01am On Jun 06, 2013
i seriously doubt he wants to set up a refinery that will rely on crude from chevron's ondo oil field.
sanity predicts that he is about to catch into this indigenization policy to acquire his own oil source,
Aliko is not a stup!!d man, so the press should not depict him as one.
Re: Dangote To Site $8bn Refinery In Olokola FTZ by grandstar(m): 10:03am On Jun 06, 2013
Ajibel: I've been a critique of the man in the past but this is commendable and i hope he makes this work succesfully. Also eagerly waiting for other billionaires to follow his footstep.

Which others apart from Adenuga, Otedola (has left the list), Jim Ovia (needs $175m more to join the list). You know what, anyone who owns an oil block is a billionaire or close to being one. The country may probably have about 20 billionaires based on this.

Then you have those politicians who helped themselves quite a bit like...
Re: Dangote To Site $8bn Refinery In Olokola FTZ by angelTI(f): 10:06am On Jun 06, 2013
In few years to come, ondo state would be a bubbling commercial state wit the way things r going. Lots of developments going on in d state

More investors r welcome
Re: Dangote To Site $8bn Refinery In Olokola FTZ by stonemind(f): 10:11am On Jun 06, 2013
omg i'v made the front page again!!!!!!!!!!

1 Like

Re: Dangote To Site $8bn Refinery In Olokola FTZ by edoyad(m): 10:17am On Jun 06, 2013
I wonder what other so called entrepreneurs are busy doing. Running around Abuja, looking for contracts to build Airports we will never use
Re: Dangote To Site $8bn Refinery In Olokola FTZ by seunfly: 10:17am On Jun 06, 2013
I have said it b4 10 of this man is what we need.

1 Like

Re: Dangote To Site $8bn Refinery In Olokola FTZ by obeleking(m): 10:20am On Jun 06, 2013
AND WHERE WILL THE TOXIC WASTE(BOTH SOLID AND GASEOUS) EMITTING FROM THIS PLANTS BE GOING=THE RIVER,FARMLANDS,HOUSE,ROADS OR GUTTERS ETC. NOBODY SEEMS TO BE ASKING THIS QUESTION. MAKE UNA ASK OTHER COMMUNITIES FOR DELTA STATE HW FAR!

5 Likes

Re: Dangote To Site $8bn Refinery In Olokola FTZ by Ajibel(m): 10:20am On Jun 06, 2013
grandstar:

Which others apart from Adenuga, Otedola (has left the list), Jim Ovia (needs $175m more to join the list). You know what, anyone who owns an oil block is a billionaire or close to being one. The country may probably have about 20 billionaires based on this.

Then you have those politicians who helped themselves quite a bit like...

I dont over-rely on forbes list. There are Nigerian billionaires who are shy of discĺosing their assets. Such folks should come out and invest in human and capital devt instead of wasting their monies on frivolous jamborees, political sponsorship or religious donations
Same goes to the Millionaire$$
Re: Dangote To Site $8bn Refinery In Olokola FTZ by born2fuckpussy: 10:20am On Jun 06, 2013
The most responsible man in nigeria and useful man...... Where bunch of anti-christ sitting and dictating how to collapse the economy, dangote is doing his good work
Re: Dangote To Site $8bn Refinery In Olokola FTZ by Celestyn8213: 10:21am On Jun 06, 2013
It is truly a welcome development. Dat means job creation for our qualified unemployed youth.
Re: Dangote To Site $8bn Refinery In Olokola FTZ by Emusan(m): 10:27am On Jun 06, 2013
Refinery in my state relocation activated. Thank God!
Re: Dangote To Site $8bn Refinery In Olokola FTZ by ceejay80s(m): 10:30am On Jun 06, 2013
Where dis man see money
God abeg make i see ghana must go for road wey 20M naira full am.Amen
Re: Dangote To Site $8bn Refinery In Olokola FTZ by gen2briz(m): 10:34am On Jun 06, 2013
I will he start
Re: Dangote To Site $8bn Refinery In Olokola FTZ by Nobody: 10:42am On Jun 06, 2013
i dnt see this as good news. Soon, dangote will monopolize the oil sector like he did with cement, we will now start paying thru our nose to get gas. I dnt trust dangote, he is tooo ambitious.
Re: Dangote To Site $8bn Refinery In Olokola FTZ by BLACKPANTHER(m): 10:46am On Jun 06, 2013
obeleking: AND WHERE WILL THE TOXIC WASTE(BOTH SOLID AND GASEOUS) EMITTING FROM THIS PLANTS BE GOING=THE RIVER,FARMLANDS,HOUSE,ROADS OR GUTTERS ETC. NOBODY SEEMS TO BE ASKING THIS QUESTION. MAKE UNA ASK OTHER COMMUNITIES FOR DELTA STATE HW FAR!

My Brother, it will be tied like Moi-Moi in leather and sent to Soldiers in North as Arms(Toxic) arms against Boko Haram grin grin grin grin grin grin grin grin grin grin grin grin grin grin grin grin grin grin cheesy cheesy cheesy cheesy cheesy shocked shocked shocked shocked shocked

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