omonnakoda:
Yours will die next week

AntiWailer:




Ode.

If you have such power, your life won't be this miserable and hopeless.

odutolasodiq:
Agreed! but not by refining crude oil. Attention is being given to renewable energy globally.

blackgold2018:
And to recycle or renew this energy you'l need petroleum products to produce them.
You people have to understand petroleum products can never go extinct. The demand will only reduce a little due to your point raised.

omonnakoda:
I don't have such power
Ogun kills his dogs when they reach their due date
This dog is on the menu next week

omonnakoda:
[s]Dangote's net worth is $14 bilion almost all of which is his shareholding in his cement business

Thi project is $11 billion .As far as has been disclosed he is the sole owner unless he is fronting for others . He himself has admitted he is borrowing. Has he succeeded in borrowing the $11 billion? or is the figure inflated[/s]

nairaman66:


Dream on!! The world is moving from petrol based economy!! That’s why every country out there are diversifying!! So you think we are still in the 1800??

AntiWailer:


mchewww Ode.

omonnakoda:
This year?

The truth is that Dangote does not have the money to complete the project this year.

Earlier they said it would be ready by now

theoldpretender:


1.From the BBC report in 2013

The entire venture would cost $9bn, with $3bn in equity from Dangote Industries and $6bn to be raised in loan capital.

The initial loan facility was co-ordinated globally by Standard Chartered and in Nigeria by Guaranty Trust Bank, London's Financial Times newspaper reports.
[/i]


2.Also, there is this from Reuters

[i]By Didi Akinyelure

LAGOS, July 24 (Reuters) - Africa’s richest man, Aliko Dangote, has arranged more than $4.5 billion in debt financing for his Nigerian oil refinery project and aims to start production in early 2020, he told Reuters.

Dangote, who built his fortune in cement, is building the world’s largest single oil refinery with capacity of 650,000 barrels per day (bpd) to help to reduce Nigeria’s dependence on imported petroleum.

SPONSORED

Despite being a crude oil exporter, Nigeria imports the bulk of its petroleum because of a lack of domestic refining capacity.

Lenders would commit about $3.15 billion, with the World Bank’s private sector arm providing $150 million, Dangote said, adding that he was investing more than 60 percent from his own cash flow.

Dangote Group has said that Standard Chartered Bank was arranging funds for the project.

“We will end up spending between $12 billion to $14 billion. The funding is going to come through equity, commercial bank loans, export credit agencies and developmental banks,” Dangote said in an interview in Lagos on Tuesday.

“Hopefully, we will finish mechanical (construction) by next year and products will start coming out in the first quarter of 2020.”


Nigeria’s central bank would provide guarantees for about 575 billion naira in local currency for 10 years, with African Development Bank providing a $300 million loan. Trade banks from China, India and some European countries are also in the mix, Dangote said.

The planned refinery and petrochemical complex is expected to account for half of Dangote’s sprawling assets when it is finished next year.

Last week Dangote signed a loan of $650 million with the African Export-Import Bank (Afreximbank) for the project.

Dangote said he was looking to acquire more oilfields as his focus shift towards the oil sector to feed the refinery


Thanks.

omonnakoda:
Dangote's net worth is $14 bilion almost all of which is his shareholding in his cement business

Thi project is $11 billion .As far as has been disclosed he is the sole owner unless he is fronting for others . He himself has admitted he is borrowing. Has he succeeded in borrowing the $11 billion? or is the figure inflated

ashjay001:


Well, that's d difference between Dangote n d common man. That project won't be allowed to fail! Na govt pikin

Abortedfetus:
like play like play,
dangote to take over.

bet me and Mark my words,
he is gonna become d richest man in d world.

bozzyjoan:


The project was to engulf $11b initially but due to the floating of the forex it reached an unpresidented $19b. Also dangote borrowed $3b each from nigeria banks and world bank respectively initially. So My brother dangote franchise as the highest investment in this which makes him the owner of the refinery cuz he gave about $4b at the begining of the project 5 years ago.while others are giving him the money bit by bit.Its morning bro,b4 u want to argue use google and if u are nt satisfied argue with your keypad.

theoldpretender:


1.From the BBC report in 2013

The entire venture would cost $9bn, with $3bn in equity from Dangote Industries and $6bn to be raised in loan capital.

The initial loan facility was co-ordinated globally by Standard Chartered and in Nigeria by Guaranty Trust Bank, London's Financial Times newspaper reports.
[/i]


2.Also, there is this from Reuters

[i]By Didi Akinyelure

LAGOS, July 24 (Reuters) - Africa’s richest man, Aliko Dangote, has arranged more than $4.5 billion in debt financing for his Nigerian oil refinery project and aims to start production in early 2020, he told Reuters.

Dangote, who built his fortune in cement, is building the world’s largest single oil refinery with capacity of 650,000 barrels per day (bpd) to help to reduce Nigeria’s dependence on imported petroleum.

SPONSORED

Despite being a crude oil exporter, Nigeria imports the bulk of its petroleum because of a lack of domestic refining capacity.

Lenders would commit about $3.15 billion, with the World Bank’s private sector arm providing $150 million, Dangote said, adding that he was investing more than 60 percent from his own cash flow.

Dangote Group has said that Standard Chartered Bank was arranging funds for the project.

“We will end up spending between $12 billion to $14 billion. The funding is going to come through equity, commercial bank loans, export credit agencies and developmental banks,” Dangote said in an interview in Lagos on Tuesday.

“Hopefully, we will finish mechanical (construction) by next year and products will start coming out in the first quarter of 2020.”


Nigeria’s central bank would provide guarantees for about 575 billion naira in local currency for 10 years, with African Development Bank providing a $300 million loan. Trade banks from China, India and some European countries are also in the mix, Dangote said.

The planned refinery and petrochemical complex is expected to account for half of Dangote’s sprawling assets when it is finished next year.

Last week Dangote signed a loan of $650 million with the African Export-Import Bank (Afreximbank) for the project.

Dangote said he was looking to acquire more oilfields as his focus shift towards the oil sector to feed the refinery


Thanks.

omonnakoda:
You are guessing .
There is no need to manufacture stuff just to sound knowledgeable.
Grants from where? Please mention one entity that gave a grant and how much

theoldpretender:


1.From the BBC report in 2013

The entire venture would cost $9bn, with $3bn in equity from Dangote Industries and $6bn to be raised in loan capital.

The initial loan facility was co-ordinated globally by Standard Chartered and in Nigeria by Guaranty Trust Bank, London's Financial Times newspaper reports.
[/i]


2.Also, there is this from Reuters

[i]By Didi Akinyelure

LAGOS, July 24 (Reuters) - Africa’s richest man, Aliko Dangote, has arranged more than $4.5 billion in debt financing for his Nigerian oil refinery project and aims to start production in early 2020, he told Reuters.

Dangote, who built his fortune in cement, is building the world’s largest single oil refinery with capacity of 650,000 barrels per day (bpd) to help to reduce Nigeria’s dependence on imported petroleum.

SPONSORED

Despite being a crude oil exporter, Nigeria imports the bulk of its petroleum because of a lack of domestic refining capacity.

Lenders would commit about $3.15 billion, with the World Bank’s private sector arm providing $150 million, Dangote said, adding that he was investing more than 60 percent from his own cash flow.

Dangote Group has said that Standard Chartered Bank was arranging funds for the project.

“We will end up spending between $12 billion to $14 billion. The funding is going to come through equity, commercial bank loans, export credit agencies and developmental banks,” Dangote said in an interview in Lagos on Tuesday.

“Hopefully, we will finish mechanical (construction) by next year and products will start coming out in the first quarter of 2020.”


Nigeria’s central bank would provide guarantees for about 575 billion naira in local currency for 10 years, with African Development Bank providing a $300 million loan. Trade banks from China, India and some European countries are also in the mix, Dangote said.

The planned refinery and petrochemical complex is expected to account for half of Dangote’s sprawling assets when it is finished next year.

Last week Dangote signed a loan of $650 million with the African Export-Import Bank (Afreximbank) for the project.

Dangote said he was looking to acquire more oilfields as his focus shift towards the oil sector to feed the refinery


Thanks.

SternProphet:

I beg your pardon. Nigeria's population in the lifecycle of this refinery is 400m. His might be the only refinery supplying petrol to half of that figure. Add at least 20 other petrochemical products supplying raw materials to thousands of African industries, industrial gases and so on. He might just be the richest African.

nairaman66:


Dream on!! The world is moving from petrol based economy!! That’s why every country out there are diversifying!! So you think we are still in the 1800??

omonnakoda:
You are guessing .
There is no need to manufacture stuff just to sound knowledgeable.
Grants from where? Please mention one entity that gave a grant and how much

winterfell007:


Nobody gave him grants. But he secured loans from a host of financial institutions.

colossus91:

I doubt that bro,not with the way the world is going and how naira is dwindling!!

Gaspardd:
Lol to be completed this yr kwa, sth that is still at foundation stage, dis project will take atleast 3yrs to be completed the way i am seeing it

nairaman66:


Dream on!! The world is moving from petrol based economy!! That’s why every country out there are diversifying!! So you think we are still in the 1800??

obailala:
The last picture I saw of that project, it was quite at an advanced stage. The difficult works have already been completed, all thats left is just installation of different components like this one which have already been pre-fabricated at different locations of the world... It's very possible for the refunery to be completed in 12 mobths.

mikolo80:


You're a fool for calling me this one




How did govt or dangote stop you or anybody from planting rice or building cement plant
Did I say importation
Custom (govt can stop you)
But will they say you should not plant it in your backyard
Read and comprehend before running your mouth


did I mention importation?
Is dangote importing cement now?
Read and understand before displaying crass ignorance and stupidity

blackgold2018:
Your comment didn't make sense, petroleum products are highly demanded all around the world even a thousand years to come.
Homes, industries, schools, hospitals, churches etc use petroleum products.

nairaman66:


I agree with you But these things will change with time! 20 years ago, do we have solar panels at home? No!! So there goes your answer...