The Nigerian National Petroleum Corporation (NNPC) has announced plans to acquire a 20% stake in the newly constructed Dangote Refinery, touted to be Africa’s biggest oil refining facility.
Speaking in the Nigeria Oil and Gas Opportunity Fair 2021, tagged: ‘’Leveraging Opportunities and Synergies for Post Pandemic Recovery of the Nigerian Oil and Gas Industy’’, the Chief Operating Officer of the Refining and Petrochemicals segment in NNPC, Mr Mustapha Yakubu noted that one of its divisions, the Greenfield Refining Projects Division, is currently in talks with the Dangote Refinery to actualize this goal.
He said: ‘’ We have what we call the Greenfield refinery and the Greenfield Refining Projects Division (GRPD) of the NNPC. What we do, our strategy is to collaborate and seek strategic partnerships with private investors.
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‘’At the moment, we have Dangote Refinery, which is the 650,000 barrels per day capacity, plus a mini 80,000 tonnes per annum petrochemical plant
‘’What are we doing there? I can tell you today that we are seeking to have a 20 per cent minority stake in Dangote Refinery as part of our collaboration and you know that there’s a huge quantity of crude for that refinery.
‘’That’s 650,000 barrels, going into a single crude distillation unit (CDU). When that comes on board, it will also wet the nation for us.’’
The Dangote Refinery is situated on a 6,180 acres (2,500 hectares) site at the Lekki Free Zone in Lagos. The refinery is expected to process about 650,000 barrels of crude oil per day, ranking it as Africa’s largest oil refinery and the 7th in world standings.
