Africa’s largest refinery is expected to consume about 2.5% of all crude oil traded globally once it reaches full capacity, a milestone that underscores the growing influence of Nigeria’s Dangote Petroleum Refinery on international energy markets.
Speaking during a visit by Nigeria’s Minister of State for Industry, John Owan Enoh, to the refinery complex in Lagos, Aliko Dangote said the 700,000-barrel-per-day facility would also represent the equivalent of about 10% of the United States’ refining capacity when operating at full capacity.
The comments come as the refinery continues to establish itself as a major new buyer of crude oil and an increasingly important supplier of refined petroleum products to markets across Africa and Europe.
Only last week, maintenance at the refinery reduced output, tightening supplies of petrol, diesel and jet fuel and demonstrating how quickly the facility has become a significant player in regional fuel markets.
Reflecting on the project, Dangote described the refinery as the biggest business risk of his career, recalling how many financiers doubted it could be completed amid disruptions caused by the COVID-19 pandemic, foreign exchange volatility and rising construction costs.
