A video has surfaced on the internet showing an aerial view of the first shipment of crude reportedly being delivered to the Dangote Refinery.
Reports earlier today confirmed that the first batch of crude feedstock for Dangote‘s 650,000 b/d refinery arrived in the country.
The development signifies that fuel production at the new $19 billion facility is finally ready to commence after many years of waiting.
It was gathered that on December 6, the OTIS tanker loaded a cargo of 950,000 barrels of Agbami crude, which was discharged at the Dangote refinery terminal on Thursday (yesterday).
The Suezmax tanker, chartered by the Nigerian National Petroleum Company (NNPC), is the initial supplier of crude for Dangote’s refinery as it begins to ramp up operations.
Despite being officially completed in May, the privately owned refinery has been unable to produce any oil products due to a lack of domestic crude feedstock. However, the NNPC, which holds a 20% stake in the refinery, has recently agreed to provide 6 million barrels of crude oil as feedstock for the refinery in December.
Amid mixed reactions to the said shipment to the Dangote Refinery, a video seen by Mataz Arising highlights the aerial view of the refinery as seen below:
‘It Does Not Make Sense To Export Crude And Not Supply Dangote Refinery’ — Rewane
Meanwhile, a prominent economist and managing director of Financial Derivatives Company Limited, Bismarck Rewane, has criticised Nigeria’s approach to exporting crude oil, particularly the indigenous Dangote Refinery.
On Channels Television’s Business Morning show, Rewane argued the importance of supplying crude to the Dangote Refinery.
He emphasized that this would enable Nigeria to refine crude domestically and export refined petroleum products to West African nations, especially after securing a deal for about six million barrels.
The economist said, “It doesn’t make sense for Nigeria to be exporting crude on Forward Contract and not be able to refine its own product for its own citizens and for West and Central Africa, it doesn’t make sense.
“This refinery is likely to be listed in the Nigerian Stock Exchange 2024-2025. By listing this $19bn to $20bn investment, it increases the market capitalization of the Nigerian Stock Market by 60 per cent.
“Not only that, the Dangote Group itself pays taxes of over N146bn a year and pays dividends to shareholders of N357bn a year.
“So, N146bn a year and N357bn a year taxes; It is not a capitalistic investment, but it is democratising the process of shareholders just like when MTN was a private company.
“When MTN declares a dividend today, everybody in town is happy because its ownership is democratised. It is now considered to be Nigerian, and that’s transformation. The same thing is happening for these kinds of companies, which are dominant and leaders in all industries.”
Click To Join MA WhatsApp Community
SUBSCRIBE TO OUR NEWSLETTER NOW
Support MATAZ ARISING’ journalism of integrity and credibility.
Good journalism ensure the possibility of a good society, an accountable democracy, and a transparent government.
We ask you to consider making a modest support to this noble endeavour.
TEXT AD: To advertise here – Email ad@matazarising.com
Coalition: APC blames Nigeria’s extreme poverty, corruption, on Atiku, Obi, El-Rufai
MaTaZ ArIsInGDallas, Texas Bolaji Abdullahi, spokesperson for the ADC, could not be reached for response to Mr Morka’s claim. The All Progressives Congress (APC) has blamed Nigeria’s misfortune, rising poverty, corruption and economic stagnation of former Vice President Atiku Abubakar, former Anambra Governor, Peter Obi, and other members of the newly formed coalition. Felix Morka,…
The North Will Celebrate Me If I Am President — Peter Obi
MaTaZ ArIsInGDallas, Texas The presidential hopeful implored the people of Northern Nigeria to trust him with their votes, saying he understands the challenges plaguing their region. 2027 presidential aspirant Peter Obi says the northern region of Nigeria will celebrate him if he becomes president. According to him, the greatest asset Nigeria has is in the…
Ohanaeze to Tinubu: Igbos won’t trade Nnamdi Kanu’s freedom for your re-election
MaTaZ ArIsInGDallas, Texas Ohanaeze Ndigbo has warned President Bola Tinubu that the release of Nnamdi Kanu, leader of the Indigenous People of Biafra (IPOB), must not be tied to political support from the southeast in the 2027 elections. In a statement issued on Sunday, Okechukwu Isiguzoro, deputy president-general of the apex Igbo sociocultural organisation, said…
