https://en.sputniknews.africa/20240722/dangote-proposes-selling-20-billion-worth-of-his-refinery-to-nnpc-in-face-of-ongoing-challenges-1067596593.html
Dangote Proposes Selling $20 Billion Worth of His Refinery to NNPC in Face of Ongoing Challenges
Dangote Proposes Selling $20 Billion Worth of His Refinery to NNPC in Face of Ongoing Challenges
Sputnik Africa
Last Friday, the director of the Nigerian Midstream and Downstream Regulatory Authority told reporters that billionaire and oil magnate Aliko Dangote has... 22.07.2024, Sputnik Africa
2024-07-22T17:37+0200
2024-07-22T17:37+0200
2024-07-22T17:46+0200
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Aliko Dangote, the richest man in Africa, expressed his readiness to sell his multibillion-dollar oil refinery to the state-owned energy company, the Nigerian National Petroleum Company (NNPC).Dangote also reminded that he is 67 years old and stated that he needs "very little" to sustain himself for the rest of his life and cannot take the refinery or any other assets with him after his death. He emphasized that everything he does is in the interest of his country, according to the report.His comments came in response to a recent statement by Farouk Ahmed, CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, who claimed that petroleum products from the Dangote refinery were of inferior quality and contained high sulfur levels. Ahmed also cautioned against making Dangote Refinery a monopoly, particularly for automotive gas oil and dual-purpose kerosene.Dangote has rejected Ahmed’s allegations regarding the quality of his products and called for an independent test to verify their standards. Moreover, the entrepreneur revealed his decision to cease his investment in Nigeria's steel industry to prevent any accusations of monopolistic practices, the report said.The Dangote refinery, which was launched in January with a cost of $20 billion, has the potential to become the largest facility in both Africa and Europe if it achieves its maximum production capability of 650,000 barrels per day. Moreover, it could end $17 billion in annual gasoline imports from Europe to Africa, the media reported.
https://en.sputniknews.africa/20240722/nigerias-dangote-refinery-reportedly-in-talks-with-libya-to-secure-crude-oil-supplies-1067593718.html
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Dangote Proposes Selling $20 Billion Worth of His Refinery to NNPC in Face of Ongoing Challenges
17:37 22.07.2024 (Updated: 17:46 22.07.2024) Christina Glazkova
Writer / Editor
Last Friday, the director of the Nigerian Midstream and Downstream Regulatory Authority told reporters that billionaire and oil magnate Aliko Dangote has requested the authorities suspend diesel and aviation fuel imports. According to the director, this action appears to be an attempt to establish a monopoly on the country's market.
Aliko Dangote, the richest man in Africa, expressed his readiness to sell his multibillion-dollar oil refinery to the state-owned energy company, the Nigerian National Petroleum Company (NNPC).
“We have been facing a fuel crisis since the 70s. This refinery can help in resolving the problem, but it does appear some people are uncomfortable that I am in the picture. So I am ready to let go, let the NNPC buy me out, run the refinery,” he said in an interview with a local Premium Times outlet.
Dangote also reminded that he is 67 years old and stated that he needs "very little" to sustain himself for the rest of his life and cannot take the refinery or any other assets with him after his death. He emphasized that everything he does is in the interest of his country, according to the report.
His comments came in response to a recent statement by Farouk Ahmed, CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, who
claimed that petroleum products from the Dangote refinery were of inferior quality and contained high sulfur levels. Ahmed also cautioned against making Dangote Refinery a monopoly, particularly for automotive gas oil and dual-purpose kerosene.
Dangote has rejected Ahmed’s allegations regarding the quality of his products and called for an independent test to verify their standards. Moreover, the entrepreneur revealed his decision to cease his investment in Nigeria's
steel industry to prevent any accusations of monopolistic practices, the report said.
The Dangote refinery, which was launched in January with a cost of $20 billion, has the potential to become the largest facility in both Africa and Europe if it achieves its maximum production
capability of 650,000 barrels per day. Moreover, it could end $17 billion in annual gasoline imports from Europe to Africa, the media reported.
