Dangote Group, the owner of West Africa’s largest refinery, is set to begin crude oil production at its two Nigerian oil assets in the fourth quarter of 2024, according to a report by S&P Global Commodity Insights released on October 10.
The report, citing company sources, noted that Dangote is actively searching for a floating production, storage, and offloading vessel capable of holding 650,000 barrels of crude oil.
Crude Oil Shortage SupplySince the 650,000 barrel-per-day refinery began operations, Dangote has faced a crude oil supply crisis, particularly from the national oil company, NNPC.
In response to the ongoing dispute, the federal government approved the sale of crude oil to Dangote in naira, streamlining the transaction process and providing relief for the refinery.
What you should knowAfrica’s wealthiest individual, Aliko Dangote, completed the $20 billion Dangote Refinery, a landmark project with the capacity to process 650,000 barrels of oil per day...
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