UPDATED: $20bn Dangote refinery awaits NNPC approval to roll out PMS, says Dangote
The President, Dangote Group, Alhaji Aliko Dangote on Tuesday disclosed that the $20 billion Dangote Refinery awaits Nigerian National Petroleum Company (NNPC) Limited approval to commenced the roll out of Premium Motor Spirit (PMS) to local market from its refinery.
The refinery launched in May 2023, is expected rolled out its first PMS or petrol, from its 650,000 barrels per day facility.
At a press conference televised live from Lagos, Dangote declared that “it’s a celebration day” for Nigerians.
He assured all citizens that they “are now going to have good petrol while the engines of your vehicles will last longer. You will not be having an engine issue, which a lot of us were having. It won’t happen at all.”
“The quality here will match that of anywhere in the world; US, America, we will make sure that nobody will beat us in terms of quality,” Dangote said.
The refinery owner said as soon as his company finalises modalities with the NNPCL, the product will hit the market.
“As soon as we finalise with the NNPCL, our product will start going into the market.
“We will help to restore industry and manufacturing. We will begin real import substitution, which is what we have, you know, saving foreign exchange, earning foreign exchange, which will stabilise the naira, and it will also help bring down inflation and cost of living,” he stated.
The refinery has begun the supply of diesel and aviation fuel to marketers in the country and now petrol.
The rollout of petrol by the Dangote Refinery followed the admission by the NNPCL that it owes “significant debt to petrol suppliers” and this poses a threat to the sustainability of fuel supply.
He disclosed that Nigeria by October 2024 would stop importing of Polypropylene, stressing that the $20billion Dangote Refinery is ready to meet market demands.
He said, “Let me assure you of one thing. We have demand for Polypropylene in the country. Nigeria from October 2024 will not import Polypropylene, which is a quarter a million tonnes.
“We will satisfy the market 100 per cent. All these industries that were struggling to source for the product and foreign exchange can now have access to Polypropylene from Dangote Refinery.”
He commended President Bola Tinubu for creating an enabling environment, stressing that the monumental achievement is aimed at giving energy to Nigerians for growth, development and prosperity.
