Inside Billionaire Aliko Dangote’s $12bn Refinery
Africa’s Richest Man, Aliko Dangote over the weekend took a group made up of key media houses and MBA graduates from the Lagos Business School for a tour around his latest business venture, the largest single train petroleum refinery in the world with a production capacity of about 650,000 barrels per day.
The $12 billion Dangote Oil Refinery which is scheduled to open in 2019 will be 40 per cent larger than the current largest refinery which only has a capacity of 450, 000 barrels per day. The plant will also house Africa’s largest urea plant with a capacity of 3 million tons per annum as well as 1,100kms of sub sea pipeline infrastructure to handle 3 billion SCF of gas per day.
“We are bullish on Africa, the Dangote group is driving six major projects which will create about 250, 000 jobs and provide FX earnings and savings of $15 billion. This refinery will create 60,000 jobs with 20,000 of them onsite”, says Dangote.
Located in the Lekki Free Trade Zone, the site occupies about 2100 hectares of land, which is about six times the size of Victoria Island, Nigeria’s sprawling cosmopolitan town with the highest concentration of high net worth individuals in the country.
“We believe the best time to invest is during a downturn and it is our goal to diversify the Nigerian economy and as a result we have also increased our investment in agriculture and agro processing with projections of producing 1 million MT of milled and parboiled rice”, says Dangote.
The refinery will create its own power which will run on natural gas with a projected supply of 12, 000 MW of power which will be readily available for commercial use and also meet the demand for petrochemical products in Nigeria.
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