₦airaland Forum

Europe has been exporting refined gas to Africa, including Nigeria, for the past decade.

In the last decade they've earned approximately $200 BILLION exporting gas to Africa.

Today, that lucrative trade they've enjoyed is being seriously threatened, with massive job losses and company shutdowns envisaged in Europe.

Who is responsible for this alarming situation in Europe?

The massive DANGOTE OIL REFINERY in Lagos, Nigeria.

Read on:

Nigeria's Dangote Oil Refinery Could Accelerate European Sector's Decline

By Ahmad Ghaddar and Robert Harvey

Reuters

March 27, 2024


LONDON, March 27 (Reuters) - Nigeria's giant Dangote oil refinery could bring to an end a decades-long gasoline trade from Europe to Africa worth $17 billion a year, heaping pressure on European refineries already at risk of closure from heightened competition, analysts and traders said.

The refinery started production in January and cost $20 billion to build. It can refine up to 650,000 barrels per day (bpd) and will be the largest in Africa and Europe when it reaches full capacity this or next year.

Dangote Refinery, Lagos
https://pbs.twimg.com/media/FJ0K3vwWQAQNlvB.jpg

It has long been touted as the turning point for Nigeria's quest for energy independence. Nigeria is Africa's most populous nation and its top oil producer, yet it imports almost all its fuel due to lack of refining capacity.

About a third of Europe's 1.33 million bpd average gasoline exports in 2023 went to West Africa, a bigger chunk than any other region, with the majority of those exports ending up in Nigeria, Kpler data shows.

"The loss of the West African market will be problematic for a small set of refineries that do not have the kit to upgrade their gasoline to European and U.S. specification," consultancy FGE's head of refined products Eugene Lindell said, referring to more stringent environmental standards for other markets.

As much as 300-400,000 bpd of refining capacity in Europe is at risk of closure because of rising global gasoline production, according to Kpler's analyst Andon Pavlov.

A European refinery executive who declined to be identified said coastal refineries that are geared for exports will be more exposed while inland refineries are less vulnerable because they rely on local demand.

"The changes won't happen overnight, but they could ultimately lead to closures of refineries and their conversion to storage terminals," he added, referring to the challenging market environment.

SHRINKING SECTOR

Around 30 European refineries have shut down since 2009, data from refining industry body Concawe show, with nearly 90 plants of various sizes and complexities still in operation.

Closures have been brought on by competition with newer and more complex plants in the Middle East and Asia and more recently because of the impact of the ['covid pandemic'].

...European refineries don't produce enough diesel to meet regional needs but produce too much gasoline and rely on exports to clear excess supply.

West Africa has long been the main outlet for gasoline that doesn't meet stricter environmental restrictions in Europe on sulphur and metals content...

That trade accounted for $17 billion in 2023, according to price data from Argus Media and Reuters calculations.

The Dangote refinery, funded by Africa's richest man Aliko Dangote, was configured to produce as much as 53 million litres of gasoline a day, about 300,000 bpd.....

https://www.reuters.com/business/energy/nigerias-dangote-oil-refinery-could-accelerate-european-sectors-decline-2024-03-27/

Europe's Nightmare - Dangote Refinery, Lagos

For more lies, text "apc" to 419.

Modified:
To ronu rascals na angels dey work for Reuters, and everything they publish is TRUTH!
Poor slaves😂

^^ Reuters is APC?

Who did this to you people?

uncle dangote, the maradona of Nigeria economy

Very true. Definitely, those refineries will experience low sales records soon

Dangote and Elon Musk are not different.They are both self centred.

rumu3485:
For more lies, text "apc" to 419.

so Reuters is working for APC dumbo?

Nonybb:
This dangote you are seeing is a competent evil man. His dangote cement didn't reduce the price of cement. I wonder how dangote refinery would reduce the price of fuel. Yet they keep hyping this evil genius

I prefer buying an expensive petrol that is refined in Nigeria rather than buying an expensive petrol that is refined abroad.

But it has been more of words than action from this refinery

...European refineries don't produce enough diesel to meet regional needs but produce too much gasoline and rely on exports to clear excess supply.

West Africa has long been the main outlet for gasoline that doesn't meet stricter environmental restrictions in Europe on sulphur and metals content...

This one caught my attention, the Europeans are sending to us what they know is not safe enough.

Paraman:
so Reuters is working for APC dumbo?

To you na angels dey work for Reuters, and anything they publish is TRUTH!
Poor slave😂

Huge lie

COMRADES, lies, refinery that cannot solve Nigeria's petroleum needs, it's Europe that it will intimidate

Inspirer1:


But it has been more of words than action from this refinery

This one caught my attention, the Europeans are sending to us what they know is not safe enough.

As usual. Na their way.

SalamRushdie:
Huge lie

Tinubu bribed Reuters to say this, correct?

Mumu x 2000

Toh

Helter and skelter things

SalamRushdie:
Huge lie

Tell us the huge truth as an insider

Tellmeastory:
As usual. Na their way.

may we help ourselves starting with our leaders. One wonders the difficulty in doing things right for the benefit of all.

Another useless propaganda

ABA Refinery

DatNiggaDaz:
Another useless propaganda

I don't understand you guys.

Are you saying that Reuters is working for the Tinubu administration?

Oh Africa.
Free yourself from the chain and shackles of your slave masters.
If there is love among brothers in Africa. Nobody will sell a fellow brother into slavery.
No black man will take bribe and allowed illegal mining of our mineral resources.
We are our problem.

Melagros:
COMRADES, lies, refinery that cannot solve Nigeria's petroleum needs, it's Europe that it will intimidate

Don't mind the clowns ..the refinery that has not solved Lagos petrol woes will intimidate Europe.. Refinery that is struggling to find crude supply will intimidate Europe? 😅😅😅😅😅😅

Tellmeastory:
I don't understand you guys.

Are you saying that Reuters is working for the Tinubu administration?

You are a learner , go and learn work well

This is when African need to support him for our liberation

There is a particular group of subhuman this news go de pain n only God knows why.

rumu3485:
For more lies, text "apc" to 419.

rumu3485:
To you na angels dey work for Reuters, and anything they publish is TRUTH!
Poor slave😂

Their word is truth for you when it is negative news, isn't it?

Pathetic being.

Isn’t Nigeria and some African countries building a gas pipeline to Europe via Morocco?

That's why Nigeria could not afford to oppose Niger Republic because I believe the gas passed through their country.

As Russia attacked Ukraine so many European countries are looking for gas alternatives and Nigeria’s Gas was a good viable alternative in the long run. Except the project was abandoned, which I don’t think so.

So this one that they’re singing Dangote Gas as an alternative doesn’t hold water, I might be wrong ooo, but I don’t think so.

This article is propaganda.

Noted.

Audio update

All this propaganda

Who remembers Lai Mohd claiming rice Mills in Thailand were shutting down due to the rice pyramid in Nigeria

APC their oxygen is lies

Refinery wey never produce 1litre of fuel is going to cause massive job loss in Europe

They even wrote it started production in January
Chai!! Lies no dey tire APC

But Okoro people said Dangote doesn't know business. That the world will not longer need Petroleum refineries.