The Dangote refinery, with a staggering processing capacity of 650,000 barrels per day (bpd), has emerged as a powerhouse, eclipsing Europe’s largest refineries, according to a recent Bloomberg report.
Owned by Africa’s wealthiest individual, the $20.5 billion Dangote refinery has finally commenced production in January after facing prolonged delays.
Its capacity outshines that of Europe’s leading refineries, such as the Pernis Refinery in the Netherlands, which has an installed capacity of 404,000 bpd, and the GOI Energy ISAB Refinery in Italy, with a refining capacity of 360,000 bpd.
The Dangote refinery’s inauguration heralds a new era for Nigeria and the energy sector across sub-Saharan Africa.
Capitalizing on the affordability of US oil imports, which constitute up to a third of its feedstock, the refinery is already in operation, shipping products while preparing two units to boost gasoline output.
Industry analysts anticipate that the refinery’s commencement will trigger a significant transformation in the fuel market, not only in Nigeria but also in the broader region.
However, economists caution that it could disrupt the decades-long gasoline trade from Europe to Africa, valued at $17 billion annually.
Currently operating at approximately 300,000 bpd, nearly half of its nameplate capacity, the Dangote refinery signifies a remarkable leap forward for Africa’s refining capabilities.
