Nigeria: Dangote Refinery has exported 130 million litres of jet fuel to the world’s largest oil and gas company – Saudi Aramco. The company in Saudi Arabia generates $1 billion daily and has a market value of $1.8 trillion.
Reportedly, the oil refinery’s deal marks a major milestone for Africa’s largest refining facility by positioning it as a key exporter of refined petroleum products and reinforcing the status of Nigeria as a global refining hub.
Chairman and Founder of the Dangote Group – Aliko Dangote expressed confidence in the refinery’s ability to achieve its strategic objectives. He emphasised on the progress of the refinery in delivering high-quality petroleum products to international markets.
Considering this, Chairman Dangote said “We are meeting the goals that we’ve set for ourselves.” According to him, this milestone reflects the successful ramp-up of operations at the $19 billion refinery, which was built to reduce dependence of Nigeria on fuel imports, while strengthening the energy security of the country.
Furthermore, Dangote Petroleum Refinery and Petrochemicals firm confirmed that it has reduced the cost of the diesel to N1020 per litre, down from N1075 per litre at the gantry price. In a statement, released on Tuesday, the company said that the reduction was to better serve its customers and Nigerians in general.
When the refinery began the diesel production in Jan 2024, the refinery reduced the price of diesel more than three times from an initial N1700 per litre to N1000. Recently, the refinery has also reduced the ex-depot price of petrol from N950 to N890 per litre.
Dangote Refinery is the largest oil refinery in Africa. located in Lagos, Nigeria it has processed the capacity of 650,000 barrels per day, making it Africa’s largest single-train refinery. Since its commissioning, the facility has been steadily increasing the output, with a focus on producing diesel, petrol and jet fuel for both domestic and international markets.
Moreover, the agreement signed with Saudi Aramco serves as a validation of the refinery’s high standards and competitive edge, that further boosted its reputation among the global energy giants.
Beyond exports, the refinery is expected to have a transformative impact on Nigeria’s economy, by creating thousands of jobs, while reducing the fuel import bill of the country and enhancing its foreign exchange earnings.
Dangote Refinery is well on its way with its latest achievement, to reshape the refining industry of Africa and securing its place in the global energy supply chain.