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West Africa Hopes And Depend On Dangote Refinery - Politics - Nairaland

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West Africa Hopes And Depend On Dangote Refinery by Biodun556(m): 3:48am On Jan 24, 2023
The Chief Executive Officer of the National Petroleum Authority (NPA) of Ghana, Dr. Mustapha Abdul-Hamid, has said the coming on stream of the 650,000 barrels-per-day (bpd) Dangote Refinery would transform the Ghanaian downstream oil sector through the reduction in the cost of importation of petroleum products into the West African country.


Speaking at the ongoing 16th Oil Trading and Logistics Expo in Lagos, with the theme: “Regulating Downstream Energy Transition in Dynamic Times,” Abdul-Hamid said the completion of the Dangote Refinery project would be a breakthrough for the West African region which has for a long time depended on importation of petroleum products.

He said Ghana was presently facing the challenge of continuous rise in the cost of petroleum products, adding that getting importers to turn their attention towards Nigeria, rather than going to the Netherlands for petroleum products importation would help his country stem the tide of continuous increase in the price of fuel.


He stated: “The Dangote Petroleum Refinery will have a huge impact on Ghana’s downstream sector. Right now, Ghana’s downstream industry is completely deregulated. There is no petrol subsidy in Ghana. For a deregulated market where the importers recover their costs fully, importing from Nigeria will certainly be more cost-effective and cheaper than importing from Rotterdam in the Netherlands where we get the bulk of our fuel in Ghana.

“As we all know, the price builds up for a liter of fuel will include the cost of shipment, transportation, insurance, and others, but if we are importing from Nigeria into Ghana, this will bring down the cost of fuel in our country. Ghanaians are very excited about the prospect of the Dangote Petroleum Refinery.


“Ghana had in the past built a good relationship where we get petroleum products from Nigeria at a reasonable and more affordable cost. I believe that the coming onstream of Dangote Petroleum Refinery will further strengthen the existing relationship between Nigeria and Ghana.”

Abdul-Hamid said the Ghanaian government was also developing a $60-billion petroleum hub on a 20,000-acres of land in the western part of the country for storage and marine facilities.

“All the above-mentioned projects will help accelerate the petroleum hub, consisting of refineries, and petrochemical development of the continent’s oil and gas resources, by connecting the downstream to the upstream.


“It will promote cleaner fossil fuels and biofuels as the pathway to a just energy transition. Gas has been accepted as the transition fuel because gas is the least carbon-emitting fossil fuel”, he added.

In his remarks, Nigeria’s Permanent Secretary, Ministry of Petroleum Resources, Mr. Gabriel Aduda, said deregulation would increase transparency in the downstream sector of the petroleum industry, noting that full deregulation would also create healthy competition among investors.

Aduda, who was represented by the Deputy Director, Downstream Department of the ministry, Mr. Augustine Okwudiafor, noted that deregulation would give business guarantees to potential investors at the stage of conceptualisation.


According to him, deregulation would significantly reduce, if not eradicate completely, the diversion and smuggling of petroleum products across Nigerian borders.

“All hands are on deck towards full deregulation of the downstream sector, as this will ensure commercialisation and liberalisation of the sector. It will also increase investment opportunities, create more jobs and promote a seamless energy transition.

“All these measures and many more will cushion the projected impact of downstream sector deregulation on consumers and the economy at large,” Aduda said.


He further said data was key in the oil and gas industry, and that any reliable and accurate data would give investors a certain level of assurance.

“Hence, the government is keen and determined to harmonise all downstream data across the relevant agencies and parastatals to eradicate data variations. The government, through the Ministry of Petroleum Resources, its agencies, and the Federal Ministry of Science and Technology, is considering enhanced technologies.

“They include Machine Learning (ML) and Artificial Intelligence (AI) to monitor and gather downstream data for effective policy formulation and investment guidance,” he said.



Aduda emphasised that oil also has a place in the energy transition space in the sense that oil could be made cleaner through the development and use of appropriate technologies.

He maintained that, moving the downstream sector forward to that enviable position required collaborative efforts from all stakeholders.

“I challenge you all to come along to move the downstream sector towards achieving the downstream we could all be proud of,” he added.
https://www.google.com/amp/s/www.thisdaylive.com/index.php/2022/10/26/dangote-refinery-will-transform-ghanas-downstream-oil-sector-says-countrys-agency-chief/amp/

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Re: West Africa Hopes And Depend On Dangote Refinery by Biodun556(m): 3:51am On Jan 24, 2023
Dangote is the boldest Nigerian billionaire.

Obasanjo issued 18 license for refinery. Non of them could secure capital to build.

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Re: West Africa Hopes And Depend On Dangote Refinery by gfelo(m): 4:41am On Jan 24, 2023
May God almighty brings this project to completion this year amen
Re: West Africa Hopes And Depend On Dangote Refinery by SmartPolician: 4:51am On Jan 24, 2023
Dangote should make sure he sells refined petroleum products in dollars to Nigerian neighbours so they can have enough USD to buy crude oil from production companies in Nigeria.

Nigeria doesn't need to beg anyone to buy her crude oil. A country of 200 million people is enough market already and should be able to take care of itself and its neighbours.

Dangote is steadily positioning himself to become the best thing that ever happened to this country and I hope there's a transfer-of-business template of how his chains of businesses should be run when he finally leaves this world.

Africans must learn to keep their businesses going when they are no more as most homegrown businesses here die with their owners/founders. Even if we don't want to learn anything positive from the Caucasians, we should learn that from them.
Re: West Africa Hopes And Depend On Dangote Refinery by Emmanuella00(f): 5:01am On Jan 24, 2023
What the heck?
Re: West Africa Hopes And Depend On Dangote Refinery by adefitim(m): 5:26am On Jan 24, 2023
Dangote, a pride of the Nation
Re: West Africa Hopes And Depend On Dangote Refinery by rohitnegi: 7:10am On Jan 24, 2023
Re: West Africa Hopes And Depend On Dangote Refinery by tempest01(m): 7:16am On Jan 24, 2023
Same way sugar and cement cost went down?


There needs to be a concious effort to make other refineries work, else it is business as usual.
Re: West Africa Hopes And Depend On Dangote Refinery by owobokiri(m): 7:20am On Jan 24, 2023
Dangotes history as a monopoly in all other sectors in the past, including rice and sugar imports, suggests that when he's the only one in that line of business, he bleeds the country to her knees to make money. Nothing about this refinery suggests he will act otherwise
Re: West Africa Hopes And Depend On Dangote Refinery by Crayonforest: 7:21am On Jan 24, 2023
Ok

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