The Dangote refinery has been positioned higher than the ten largest refineries in Europe.
Bloomberg, a financial data and media company, has ranked the Dangote Refinery above the top ten largest refineries in Europe, as per information compiled by the business news platform. Situated along the Lekki-Epe Expressway in Lagos State, the refinery boasts a capacity to process 650,000 barrels of petroleum products daily, surpassing the capacities of numerous European refineries.
According to Bloomberg’s findings, the Dangote Refinery’s capacity exceeds that of prominent European refineries. For instance, the Shell-operated Pernis Refinery in the Netherlands, recognized as Europe’s largest, has an installed capacity of 404,000 barrels per day (bpd). Similarly, the BP Rotterdam Refinery in the Netherlands has a capacity of 380,000 bpd. Other European refineries highlighted in the report include the GOI Energy ISAB Refinery in Italy, the TotalEnergies Antwerp refining facility in Belgium, and the Orlen Plock Refinery in Poland, among others.
The Bloomberg report underscores the significance of the Dangote Refinery
The Bloomberg report underscores the significance of the Dangote Refinery as a transformative entity in the oil industry, describing it as a ‘game changer.’ The refinery is leveraging cost-effective imports of US oil for a significant portion of its feedstock as it commences operations. Industry analysts anticipate the refinery’s substantial impact on gasoline markets in the Atlantic Basin, particularly in Nigeria and the surrounding region.
Despite operating at approximately half of its nameplate capacity, the Dangote Refinery has commenced shipping jet fuel, diesel, and naphtha, with plans to expand its product range. Furthermore, the refinery’s presence has the potential to disrupt the longstanding petrol trade from Europe to Africa, which is estimated at $17 billion annually.
Recent reports suggest that the Dangote Refinery has begun selling diesel in the Nigerian market, leading to a significant reduction in pump prices from N1,600 to N940 within a month. This development underscores the refinery’s role in reshaping the dynamics of the fuel market in Nigeria and beyond.
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