₦airaland Forum

iwaeda:
Nothing, since you understand refinery process and operation.

CheapHomes1:
the report says that dangote refinery can refine 650,000 barrels of petroleum products per day. pls how many barrels of petroleum products does it presently refine per day?

iwaeda:
Google and YouTube are your friends. Let me give you analogy, when you blend groundnut oil, pour water, what do you have? Imagine heating now to 450 Pound Square inch and 500 degree fahrenheit.

uniquetechng:
Dangote not Nigeria.

Oghene86:
How does this benefits us as country

iwaeda:
Check how refineries operate, people that knows next to nothing.

iwaeda:
Nigerians love lies and deception. Is refinery operations a closed system? Anyone staying around Eleko, Epe, Harmony, Amen would have feel the impact.

A financial data and media company, Bloomberg, has ranked the Dangote Refinery above the top 10 biggest refineries in Europe.

According to data compiled by the business news platform, the refinery has more capacity than many European ones.

The $20bn-worth refinery located in Lekki-Epe Expressway, Lagos State, can refine 650,000 barrels of petroleum products per day.

The report sighted by our correspondent on Thursday stated that this is over 246,00bpd capacity, more than Shell’s Pernis Refinery, which is located in the Netherlands.

It added that the Pernis Refinery, which has an installed capacity of 404,000bpd, is the biggest in Europe. The BP Rotterdam Refinery in the Netherlands has a capacity of 380,000.

Bloomberg also reported that the GOI Energy ISAB Refinery in Italy was built with a refining capacity of 360,000bpd.

Also, the TotalEnergies Antwerp refining facility in Belgium can refine 338,000bpd.

Others listed in the report were the Orlen Plock Refinery in Poland with 327,000bpd; Shell’s Rheinland in Germany with 327,000bpd; Miro Refinery in Germany with 310,000 capacity; and the ExxonMobil Anterwep Refinery in Belgium with 307,000 capacity.

It added that the Saras Sarroch Refinery in Italy had 300,000 capacity; the ExxonMobil Fawley in England had 270,000bpd capacity.

The Bloomberg report described the Dangote Refinery as a ‘game changer’ and said it was taking advantage of cheaper US oil imports for as much as a third of its feedstock as it started up.

According to analysts, the refinery has been shipping products in recent weeks while readying two units to enable petrol output, which will deliver a long-promised transformation of the fuel market in Nigeria and the region.

“Dangote is going to influence Atlantic Basin gasoline markets this summer and for the rest of the year,” an oil expert, Alan Gelder, told Bloomberg.

According to the average estimate of analysts at WoodMac, FGE, and Citac, the refinery is running at about 300,000 barrels a day, nearly half its nameplate capacity.

The complex has started shipping jet fuel, diesel, and naphtha as it widens to a full slate of products.

Reuters recently reported that the Dangote oil refinery could end a decades-long petrol trade from Europe to Africa, worth $17 billion a year.

Reuters, quoting analysts and traders, said the Dangote refinery was heaping pressure on European refineries already at risk of closure from heightened competition, adding that the refinery would be the largest in Africa and Europe when it reaches full capacity.

About a third of Europe’s 1.33mbpd average petrol exports in 2023 went to West Africa, a bigger chunk than any other region, with most of those exports ending up in Nigeria, Reuters said, quoting Kpler data.

Dangote Refinery has begun selling diesel into the Nigerian market, crashing the pump price from N1,600 to N940 in less than a month.

Blazetrailer:
The phase they are interested in is to lekki free zone and not lekki phase one,

Blazetrailer:
Lol...this road is not getting to Calabar. I pity the gullible Nigerian believing the dummy sold to them by Tinubu. It will end with the 1st phase when it gets to the Lekki Free Trade Zone.

99thEnemy:
It’s not truly unlimited.

Bulldozer90:
Orient has been around in Anambra since Mbadinuju time.

kokoA:
Which kind construction company do dis kind work?

lexylaw40kuti:
..

DMerciful:
It also means you won't have that equivalent crude to sell so your forex earnings will reduce. While there'd be savings, its not just addition and subtraction

DMerciful:
You think producing few million liters per day will compensate for the reduced agricultural outputs due to insecurity?

jmoore:
Abuja, Lagos were not mentioned in the article.
I can't explain what you fabricated.

PortHarcourtcit:
Ihedioha and his group are bunch of feather weights, he's aggrieved that PDP did not suspend PDP in the last NWC meeting of the people's democratic party... PDP equal to Chief barrister, Nyerishi Nyesom Ezenwo Wike... the second political guru of Nigeria after JAGABAN of Africa... Nyerishi MEKA OOO

DMerciful:
Have we started producing?

kot1917:
You can’t compare the wealth in Lagos to that of ondo

The detained Binance Holdings Limited executive, Tigran Gambaryan, has attempted to escape from Kuje Correctional Facility, The PUNCH has learnt.

Investigations by our correspondent revealed how Mr Gambaryan who is currently remanded in Kuje Correctional Facility, applied for a new United States of America passport, under the pretence that his seized passport was missing.

The Armenian-born Binance executive, Gambaryan who has both American and Armenian passports, told the US Embassy in Abuja that he lost his passport which is currently being held by the EFCC, impeccable anti-graft sources privy to the development but not authorised to speak, told The PUNCH on Wednesday.

Following the development, the EFCC has urged the Federal High Court sitting in Abuja to disregard Gambaryan’s bail application, while noting that the Armenian-American could flee from Nigeria like his Kenyan-British colleague, Nadeem Anjarwalla who fled to Kenya.

A source, who is privy to the investigations, revealed that “The second Binance executive, Tigran Gambaryan, who is currently remanded in Kuje prison, has planned to escape from the facility. He applied to the US embassy in Abuja to issue him a new Visa while lying that he lost his passport which was seized by the EFCC.”

Another source, who insisted on anonymity, noted that “Gambaryan could have escaped from Kuje if not for the fact that the US embassy flagged his request for a new passport. Fortunately, the US embassy immediately reached out to the EFFC, and the embassy was informed that he’s a criminal suspect whose case is currently in court for alleged money laundering – concealing the source of the $35,400, 000 generated as revenue by Binance in Nigeria knowing that the funds constituted proceeds of unlawful activity.”

Meanwhile, the EFCC had on Tuesday, urged Justice Emeka Nwite of the Federal High Court Abuja to deny Gambaryan’s bail application.

The anti-graft agency said it was too risky to admit the foreigner to bail, noting the escape of his co-defendant, Nadeem Anjarwalla, from the custody of the National Security Adviser and his escape to Kenya.

Besides, the prosecuting counsel for the EFCC, Ekele Iheanacho, told the court that the anti-graft agency uncovered an alleged plot by Gambaryan to obtain a new passport to facilitate his escape from Nigeria after the EFCC had seized his passport.

Gambaryan, his fleeing colleague, Anjarwalla, and Binance Holdings Limited are being prosecuted by the EFCC on money laundering charges.

The anti-graft agency accused them of concealing the source of the $35,400, 000 generated as revenue by Binance in Nigeria knowing that the funds constituted proceeds of unlawful activity.

Opposing Gambaryan’s bail application on Tuesday, the EFCC prosecutor said, “There was an attempt by this defendant to procure another travelling document even when he was aware that his passport was in the custody of the state. He pretended as if the said passport was stolen.”

Iheanacho told the court that within the same period that Anjarwalla fled the custody, Gambaryan also allegedly made moves to escape from custody and flee the country but was intercepted by the operatives of the commission.

“This court will be taking a grave risk to grant the defendant bail. This is also because he has no attachment to any community in Nigeria.
“The experience we have had with the man who escaped to Kenya while his United Kingdom passport is in Nigeria will certainly repeat itself if this defendant is granted bail.

“The 1st defendant (Binance) is operating virtually. The only thing we have to hold on to is this defendant. So, we pray My Lord to refuse bail to the defendant.”

Iheanacho said with the intelligence information at the EFCC’s disposal it was not safe to release the foreigner on bail.

ruffhandu:
How on earth does CBN thing a Nigerian outside Nigeria will send money to Nigeria and use official rate when the difference is about N300? Who thinks like CBN? Which Nigerian will do such? They can only do that to foreigners. And, they are trying to force the useless e-naira on Nigerians.

Simple solution, when official rate is lower than black market by only N1. For now, no man in his right senses will, after hussling, send $1000 to Nigeria and willingly accept N783,000 instead of N980,000. I am looking for that man. If such a person can't be found, then CBN, if a person, is simply mad.