At a press briefing in Lagos, Dangote announced that his refinery will begin selling petrol directly to marketers starting in August 2024.
The refinery, which started its steady-state production phase in March 2024, will ramp up production to 500,000 barrels per day by August, aiming for 650,000 barrels per day by the first quarter of 2025.
Additionally, Dangote plans to list the refinery and fertilizer plants on the Nigerian Exchange Group by early 2025.
Dangote clarified that the Nigerian National Petroleum Company (NNPC) Limited now holds only a 7.2 percent stake in the refinery due to its failure to meet financial obligations.
He also highlighted the financial setback of $500 million incurred due to delays in acquiring land for a petrochemical facility in Ogun State.
Despite these challenges, the refinery is set to become Africa’s largest, with a capacity of 650,000 barrels per day, transforming the Dangote Group into a significant player in global construction.
Dangote emphasized the project’s complexity, noting the massive workforce, advanced machinery, and extensive infrastructure required.
The refinery, designed and built by a Nigerian company, features a state-of-the-art marine facility and produces high-quality Euro V grade products.
Dangote expressed pride in the refinery’s achievements, positioning it as an environmentally friendly and efficient operation.