Refining & Processing

Nigeria’s Dangote Refinery likely delayed until 2022

August 10, 2018 | Nigeria, Refining & Processing

London, UK | –  A huge oil refinery being built in Nigeria by Africa’s richest man is unlikely to start production until 2022, two years later than the target date, sources with direct knowledge of the matter said. The 650,000 barrel per day (bpd) refinery near Lagos, set to be Africa’s biggest, is expected to boost Nigeria’s growth and turn the country from an importer of refined products into an exporter, transforming global trade patterns. Billionaire Aliko Dangote, who built his fortune on cement, told …

Nigeria’s Dangote refinery to save $7.5billion through import substitution

August 08, 2018 | Downstream, Nigeria, Refining & Processing

Lagos. Nigeria | – The construction of the 650,000 barrels of crude oil per day Dangote Refinery is expected to help Nigeria save over $7.5 billion through import substitution. The project, will put Nigeria on the global map as major oil and gas hub in Africa, the Group Executive Director, Devakumar Edwin, has hinted according to the Nigerian Guardian daily newspaper. Nigeria currently imports large amount of its petroleum products due to the inability of refineries to utilize their full capacity. For example, the National …

Nigeria’s refinery overhaul projects to start Q2 2018

March 15, 2018 | Nigeria, Refining & Processing

Cape Town, South Africa | –  Refinery overhaul projects will begin in Nigeria as soon as the second quarter, an official from state oil company NNPC said on Tuesday. NNPC is in the final stages of talks with consortiums including top traders, energy majors and oil services companies to revamp its long-neglected oil refineries in an effort to reduce its reliance on imported fuel. “We believe that by the second quarter of this year we will …start getting the ball rolling on the refurbishment and …

Chinese energy firm returns for Uganda oil refinery project talks

October 13, 2017 | Refining & Processing, Uganda

Kampala, Uganda | – Chinese consortium Guangzhou DongSong Energy Group Company has returned to negotiations with Uganda for the planned 60,000 barrels-per-day refinery. Their return comes just weeks after the unceremonious sacking of Energy Permanent Secretary Dr Stephen Isabalija about whom the company had expressed displeasure. Sources say that the government is also considering exiting all financial investment in the refinery as it seeks an investor ready to cover the entire project cost. The new development also comes as parliament pushes government to share more …

Indonesian firm to build crude oil refinery in Nigeria

June 22, 2017 | Downstream, Nigeria, Refining & Processing

Lagos, Nigeria | –  Indonesian engineering firm PT Intim Perkasa has expressed an interest in building a refinery in Nigeria, the West African country’s state oil company said on Wednesday. Nigeria has been seeking investment in the sector to reduce reliance on imported oil products that consume a large portion of the OPEC member’s scarce foreign currency reserves.  Its existing, ageing refineries produce hardly any fuel after years of neglect. A representative of PT Intim Perkasa Nigeria Ltd, a subsidiary of the Indonesian company, indicated …

Nigeria requires $1.2 billion to repair and upgrade its three refineries

June 12, 2017 | Economy, Nigeria, Refining & Processing

Abuja, Nigeria |  – The Nigerian minister of state for petroleum Emmanuel Ibe Kachikwu has said $1.2 billion is required to carry out repairs and refining upgrades if Nigeria needs to terminate its dependence on refined oil imports in two years’ time. Even though Nigeria pumps two million barrels of oil per day, the country’s lack of working refineries forces the government to use its foreign currency reserves to purchase refined oil products from other nations. In a press conference regarding refineries upgrade financing plan …

Nigerian Senate votes to halt Eni’s Port Harcourt refinery deal

June 02, 2017 | Management, Nigeria, Refining & Processing

Abuja, Nigeria | Nigeria’s upper chamber of parliament voted on Tuesday to halt a concession agreement with the local division of Italian oil company Eni to repair, operate and maintain Port Harcourt refinery, saying the deal lacked transparency. Nigeria, an OPEC oil producer, has been seeking investment in its energy sector to reduce reliance on imported oil products that consume a large part of the country’s foreign currency reserves. It has a refining capacity on paper of 445,000 barrels per day (bpd), but imports most …

Nigeria’s Q1 refinery output boosted by Niger Delta peace -NNPC

May 19, 2017 | Company Operations, Nigeria, Refining & Processing

Port Harcourt, Nigeria | – Nigeria’s refineries processed 10 million barrels of crude oil in the first quarter, more than they did for the whole of 2015, after talks with militants reduced attacks on facilities, the head of the Nigerian National Petroleum Corporation (NNPC) said. OPEC member Nigeria has a refining capacity of 445,000 barrels per day (bpd) but imports most of its fuel as its three refinery plants have been shut or are running at reduced capacity due to years of neglect, vandalism and …