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.”
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