Latest news with #DangotePetroleumRefinery&Petrochemicals
Business Insider
6 days ago
- Business
- Business Insider
Fuel supply overhaul in Nigeria looms as Dangote's 4,000 CNG trucks roll in
The Dangote Petroleum Refinery has begun receiving its much-anticipated fleet of 4,000 compressed natural gas (CNG) trucks, ahead of the August 15 inauguration of its statewide fuel distribution logistics scheme. The Dangote Petroleum Refinery & Petrochemicals has initiated the deployment of 4,000 compressed natural gas (CNG)-powered vehicles. The project aims to revolutionize Nigeria's petroleum distribution system by reducing costs and improving efficiency nationwide. The total investment for this fleet is approximately N720bn, showcasing the company's commitment to innovative solutions. 'The first consignment of trucks recently departed Apapa Port and was formally received at the refinery site in Ibeju-Lekki by the Vice-President of Oil and Gas at Dangote Industries Ltd, Devakumar Edwin, the refinery revealed via a statement issued on Sunday. As per the Punch, the statement also asserted that the project will alter Nigeria's petroleum distribution system by lowering logistical costs and increasing supply efficiency for clients across the nation. 'The fleet of fuel tankers, being imported through Apapa Port, represents a significant capital investment estimated at N720bn,' the refinery noted. 'This expenditure underscores the company's commitment to pioneering innovative solutions as the world's largest single-train refinery continues to expand its operational capabilities.' Dangote's distribution plan The introduction of CNG trucks marks a significant step forward for the refinery, which is now operating at approximately 85% of its 650,000 barrels-per-day capacity. This scale ranks the Dangote plant among the world's largest single-train refineries, enabling it to achieve lower per-barrel production costs and establish itself as a prominent participant in Africa's energy industry. According to the refinery, the deployment of the CNG-powered fleet, which is about 40% more cost-effective than conventional diesel tankers, would drastically reduce the costs of delivering petroleum products across the country. Dangote announced plans to deploy 4,000 vehicles in June, aiming to save about ₦1.7 trillion annually on gasoline distribution expenses. This transition to CNG-powered logistics is also a move toward cleaner energy, matching with worldwide trends to cut carbon emissions from the petroleum sector while delivering a more dependable and cost-effective distribution network. Beyond lowering fuel transportation costs, the corporation expects the program to have a favorable impact on the whole economy.
Zawya
19-02-2025
- Business
- Zawya
Forbes: Nigerian entrepreneur Aliko Dangote's wealth surges by almost 100 per cent to $23.9bln, now 86th richest in the world
BILLIONAIRE Aliko Dangote has seen his wealth nearly double to $23.9 billion, according to Forbes, which ranks the Nigerian entrepreneur as the wealthiest person in Africa and 86th in the world. It would be recalled that Forbes ranked Aliko Dangote as the 144th richest person in the world in 2024 with $13.4 billion. Forbes estimates Dangote's net worth at $23.9 billion, primarily due to his 92.3 percent stake in Dangote Petroleum Refinery & Petrochemicals. At 67 years old, Dangote is once again one of the top 100 richest individuals worldwide, a position he has not held since 2018, according to the Forbes Real-Time Billionaires List. This places him significantly ahead of South African Johann Rupert, who is ranked 161st in the world with an estimated wealth of $14.4 billion and very far above Mike Adenuga, who is the second richest in Nigeria and 481, in the world, with a net worth of $6.8 billion. Dangote disrupted the government's oil monopoly by constructing the largest petroleum refinery in Africa. After 11 years, a $23 billion investment, and numerous challenges, the Dangote Refinery began operations last year. Located on a vast 6,200-acre site in the Lekki Free Zone, the refinery, at full capacity, will process a remarkable 650,000 barrels per day (b/d), making it the seventh-largest refinery in the world and the largest in Africa. Additionally, the refinery's adjacent petrochemical complex has an annual production capacity of 3 million metric tons of urea, making it Africa's largest fertiliser producer. The Dangote Refinery is already having a significant impact on global energy markets. Imports of petroleum into Nigeria are on track to reach an eight-year low, affecting European refiners that have traditionally sold to Nigeria, according to energy intelligence firm Vortexa. Furthermore, Nigeria has become a net exporter of jet fuel, naphtha (a solvent used in varnishes, laundry soaps, and cleaning fluids), and fuel oil, according to S&P Global. Related News Dangote hails Tinubu on impact of naira-for-crude swap deal Mo Abudu makes Forbes 100 Most powerful women for 3rd year Access Bank, only Nigerian company on Forbes 2024 World's best employers list Dangote sees the refinery as part of a larger vision to transform Nigeria, one of the world's largest crude oil producers, into a major producer of refined petroleum products. This would enable Nigeria to compete with European refineries and supply gasoline to Nigerian consumers. 'I want to provide a blueprint for industrialisation across Africa,' Dangote says in an interview with Forbes. 'We have to build our nation by ourselves. We have to build our continent by ourselves, not [rely on] foreign investment.' He believes Africa has long been 'a mere dumping ground for finished products,' and his refinery represents 'a pivotal step in ensuring that Africa can refine its own crude oil, thereby creating wealth and prosperity for its vast population.' Dangote said the refinery is the biggest risk of his life and without success, it would have affected him greatly. 'It was the biggest risk of my life,' says Dangote about his decision to embark on the project. 'If this didn't work, I was dead.' Zainab Usman, director of the Africa Programme at the Carnegie Endowment for International Peace, according to Forbes, said Nigerians see Dangote as a hero and a real industrialist transforming the country. 'He is seen in most parts of Nigeria as a hero. He is seen as a real industrialist who builds things,' she said. A professor of African studies at the Soka University of America, Chika Ezeanya, also corroborated this view, noting that Dangote is meeting the needs of consumers on the continent. 'I think he's believed staunchly in the fact that Nigerians need products that he has to offer,' he said while adding, 'Governments can come and go, policies can be changed, but the needs of the Nigerian consumer will only grow and expand.'
