Dangote prepares to open one of the world’s biggest crude refineries
Before building the sprawling complex, Edwin had to construct roads, a port and two power plants, more than doubling costs from the initial $8 billion estimate and delaying its completion by six years. He spent two years and $300 million pumping 65 million cubic meters of sand onto the project site to raise its altitude by 1.5 meters, shoring up the investment against a potential future rise in sea levels caused by global warming.
The 650,000 barrel-per-day capacity refinery is scheduled to come on stream in the fourth quarter, Edwin said. After meeting President Muhammadu Buhari in Abuja last week, Dangote said he expects the Nigerian leader to commission the plant before his term expires in May 2023.Once operational, Edwin says the refinery can quickly ramp up to 90% of capacity. The IMF in a February report estimated that it would produce 50,000 barrels-a-day in 2022 and hit 300,000 per day by 2026.
Export earnings from the complex will meet the entire foreign-exchange needs of the Dangote Group, eliminating one of the biggest sources of dollar demand in Nigeria, he said. The project also means the government will no longer need to send hard currency out of the country to pay for refined products, he said.
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