Nigeria’s Dangote Oil Refinery has begun processing gasoline, marking a significant development after delays caused by crude shortages. The $20 billion refinery started operations in January, producing naphtha and jet fuel. However, it could not produce gasoline until now. Dangote Industries Vice President Devakumar Edwin announced the development.
Nigeria’s first private oil refinery on Tuesday rolled out its refined product to the local market in Africa.
Aliko Dangote, president of Dangote Refinery, said the product will help improve access to gasoline in Nigeria and sub-Saharan Africa.
Weeks of fuel scarcities in Nigeria are compounding a cost-of-living crisis, with the state-run oil company acknowledging “financial strain” was hampering supplies.
Nigerian National Petroleum Co., the nation’s main importer of fuel, said indebtedness and rising prices are hampering its ability to supply gasoline to Africa’s most-populated nation.
Energy is a key catalyst for economic growth and improved quality of life worldwide, and Africa is no exception. Higher energy consumption is often linked to greater national prosperity, making access to energy essential for a country’s success.
Nigerian regulators are expected to approve Exxon Mobil Corp.’s $1.3 billion sale of its oil and gas assets to Seplat Energy Plc within the next four months.
Eni has finalized the divestment of its onshore oil and gas exploration and production subsidiary in Nigeria to local player Oando PLC for nearly $800 million.
Oando PLC has successfully completed its acquisition of the Nigerian Agip Oil Company (NAOC) from Italian energy giant Eni for a total consideration of $783 million.
Nigeria owes its state-owned oil company nearly half of what it expects to collect in revenues this year due to a gasoline subsidy reintroduced in August.
In a move set to strengthen bilateral cooperation in West Africa, Equatorial Guinea and Nigeria have signed an agreement for the construction of the Gulf of Guinea Gas Pipeline Project. A joint regional pipeline development, the project will transport gas from Nigeria to Equatorial Guinea. Under the terms of the deal, gas will be processed at Equatorial Guinea’s LNG processing facilities at Punta Europa on Bioko Island – owned by the state-owned EG LNG – signaling new opportunities for energy security on the back of bilateral collaboration.