Vice President of Oil and Gasoline at Dangote Industries Restricted, Devakumar Edwin, has reassured of the graduation of manufacturing of Premium Motor Spirit (PMS) also referred to as petrol by the Dangote Oil Refinery and Petrochemicals firm within the month of July.
Edwin gave the reassurance throughout an onsite go to to the Dangote Refinery at Ibeju-Lekki, Lagos, by S&P World, headquartered in Manhattan, New York Metropolis in the US, as a part of its sovereign credit score rankings evaluation of Nigeria.
He reiterated that as earlier promised, the corporate will start the manufacturing of petrol in July.
In response to Edwin, the transfer will harness Africa’s ample crude oil assets to supply refined merchandise domestically, including that the corporate goals to catalyze a virtuous cycle of commercial improvement, job creation, and financial prosperity.
Edwin additionally famous that merchandise from the $20 billion facility are of top of the range and meet worldwide requirements, specifying that it may possibly meet 100% of Nigeria’s demand for petrol, diesel, kerosene, and aviation Jet, with surpluses accessible for export.
On its half, Worldwide monetary analytics company, S&P World, described the 650,000 barrels per day refinery as able to resolving Nigeria’s overseas change (foreign exchange) concern, and its big stress on the native Naira forex.
Director and Lead Analyst, Sovereign and Worldwide Public Finance Scores, S&P World Scores, Ravi Bhatia, who led the delegation to Lagos, mentioned the Dangote refinery would rework Nigeria right into a internet exporter of petroleum merchandise.
Bhatia added that this transformation is anticipated to spice up income technology and alleviate the present stress on the nation’s overseas change reserves.
“It’s a very spectacular facility, in a position to course of 650,000 barrels a day, when in full capability. It’s the largest single-train refinery advanced on the earth. It got here out fairly rapidly. Nigeria is an enormous exporter of crude however has points with importing refined fuels.
“So, there’s a hole out there the place crude may be refined in Nigeria, get monetary savings that manner, and probably avoid wasting overseas change. This shall be constructive for the financial system within the medium time period. It seems constructive from our evaluation,” Bhatia mentioned after an over four-hour tour of the ability.
The S&P staff counseled the President of Dangote Industries Restricted, Aliko Dangote, for integrating superior applied sciences and high quality management measures, together with a state-of-the-art Central Management Unit making certain clean automation of operations.
Different members of the staff of the worldwide ranking company embody the Affiliate Director, of Sovereign Scores, Maxmillian McGraw; Director of company Scores, Omegu Collocott; Senior Analyst, of Financial institution Scores, Charlotte Masvongo, and Director of Monetary Providers, Samira Mensah.
Edwin mentioned the refinery which is at present working at 350,000 barrels per day capability, is slated to scale as much as at the least 500,000 barrels per day capability by July/August, commencing the refining of petrol and ultra-low sulfur diesel.
He famous that the refinery which is designed to course of a variety of crudes together with varied African and Center Jap crudes, in addition to US Gentle Oil, conforms to Euro V specs.
As well as, it’s designed to adjust to the US EPA, European Union (EU) emission norms, the Division of Petroleum Assets (DPR) emission/effluent norms, and the African Refiners and Distribution Affiliation (ARDA) requirements.
Whereas noting that almost all refineries had been constructed by overseas corporations, he mentioned it’s a factor of pleasure {that a} Nigerian firm designed and constructed the world’s largest single-train refinery advanced, whereas performing straight as its Engineering, Procurement, and Development (EPC) contractor.
The refinery additionally incorporates a self-sufficient marine facility able to dealing with the world’s largest vessels.
“The refinery can produce the very best quality merchandise on the earth, Euro V grade. It is likely one of the energy-efficient refineries and it’s extremely environmentally pleasant.
“It’s subtle with a excessive stage of automation. The most important single practice refinery on the earth is 100% designed, engineered, and constructed by a Nigerian firm as EPC contractor,” he mentioned.
