APART from avoiding outages, the Executive Secretary & Chief Executive Secretary Officer, Major Oil Marketers Association of Nigeria (MOMAN), Clement Isong, has said that the coming on stream of Dangote Refinery would significantly change the need requirements and availability of foreign exchange landscape in the country significantly.
Besides, he stated that operation of the refinery will move Nigeria from being a consumption focus economy in the petroleum industry to a production focus.
This is coming barely three days the Dangote Petroleum Refinery announced the commencement of production of Automotive Gas Oil, also known as diesel, and JetA1 or aviation fuel.
Speaking with Nigerian Tribune on Monday in Lagos, the oil marketer, while confirming that his members already registered with Dangote Refinery for the lifting and distribution of finished petroleum products across the country, said that Dangote Refinery is set to produce the highest quality products in the world.
As a Nigeria, the MOMAN scribe said he was excited that the refined came on stream, adding that he is looking forward to it to fill in the key role in reshaping not just the downstream industry but the petroleum industry as a whole.
“It is significant not only in the oil industry but Nigeria as a whole. Beyond the fact that we shall hopefully avoid outages of products, what is cleared is that, in the foreign exchange landscape, the need requirements and availability will change significantly, and Nigeria will move from being a consumption focus economy in the petroleum industry to a production focus industry,” Isong said.
On effect of petroleum prices, he said:” I don’t anticipate a significant change in the price of petroleum. What I expect is to affect volability of prices. Prices will not go up and down on daily basis.”
Isong enjoined Nigerians to celebrate, advising entrepreneurs and business men to take opportunity in investing to improve the productivity in their sectors to promote efficiency and optimisations of their businesses .
It would be recalled that On Friday, the Dangote Petroleum Refinery, last Friday, announced the commencement of production of Automotive Gas Oil, also known as diesel, and JetA1 or aviation fuel.
The President of the Dangote Group, Aliko Dangote, had in a statement issued by the firm, thanked President Bola Tinubu for his support, encouragement, and thoughtful advice towards the actualisation of the project.
He also thanked the Nigerian National Petroleum Company Limited, Nigerian Upstream Petroleum Regulatory Commission, Nigerian Midstream and Downstream Petroleum Regulatory Authority, and Nigerians for their support and belief in the historic project.
The statement read “We have started the production of diesel and aviation fuel, and the products will be in the market within this month once we receive regulatory approvals. This is a big day for Nigeria. We are delighted to have reached this significant milestone.
“This is an important achievement for our country as it demonstrates our ability to develop and deliver large capital projects. This is a game changer for our country, and I am very fulfilled with the actualisation of this project.”
The refinery, located in Lagos, has so far received six million barrels of crude oil at its two SPMs located 25km from the shore. The first crude delivery was done on December 12, 2023, and the 6th cargo was delivered on January 8, 2024.
The refinery can load 2,900 trucks a day at its truck-loading gantries. The products from the refinery will conform to Euro V specifications, according to the firm.
“The refinery design complies with the World Bank, US EPA, European emission norms, and Department of Petroleum Resources emission/effluent norms, employing state-of-the-art technology,” the company stated.
