- Nigeria's Dangote refinery is among the largest refineries in the world, according to NS Energy and SK Energy data
- The Dangote Refinery, located in Lagos, Nigeria, with 650,000 bpd processing capacity, is ranked seventh on the list
- The largest refinery in the world is the Jamnagar Refinery in India, which produces 1.24 million bpd
Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.
Nigeria's Dangote Refinery, producing 650,000 barrels of crude oil per day, has been ranked among the top eight largest refineries in the world.
This is according to data put together by NS Energy and SK Energy data.
Oil refineries utilise an industrial process to convert crude oil into refined products, including jet fuel, kerosene, gasoline, diesel, and liquefied petroleum gas.
Nigeria has joined the group of nations with the biggest oil refineries in the world, a group that is mainly comprised of the US, China, Russia, Japan, and India, as well as the Asia Pacific area.
The eight largest refineries are as follows:
- Jamnagar Refinery in India
The largest oil refinery in the world is called the Jamnagar Refinery, situated in Gujarat, India. The refinery can process 1.24 million barrels of oil per day (bpd).
- Paraguana Refining Centre in Venezuela
Paraguana Refining was built in 1949 and has a 955,000 (bpd) processing capacity, the second largest in the world.
- Ruwais Refinery in UAE
United Arab Emirates' Ruwais Refinery comes in third place on the list. ADNOC owns the Ruwais refinery through its subsidiary, The Abu Dhabi Refining Company (Takreer), which has a 922,000 bpd processing capacity.
- Ulsan Refinery in South Korea
Ulsan Refinery in South Korea is ranked fourth among the biggest refineries worldwide. The refinery is situated in Ulsan Metropolitan City in South Korea and is owned by SK Energy.
The refinery began operations in 1964 and has a processing capacity of 840,000 bpd. It produces asphalt, gasoline, diesel, jet fuel, and LPG.
- Yeosu Refinery, South Korea
The 800,000-barrel-per-day Yeosu refinery is in Yeosu City, South Jeolla Province, South Korea.
GS Caltex operates the refinery under a joint partnership between GS Holdings and Chevron. The Yeosu refinery began to work in 1969.
- Onsan Refinery in South Korea
The Onsan Refinery is the sixth largest oil refinery in the world, with a processing capacity of 669,000 barrels per day.
The refinery in Ulsan, South Korea, has a condensate fractionation unit (CFU) for making more naphtha.
- Dangote Refinery in Nigeria
The recently constructed Dangote refinery has a 650,000 bpd processing capacity and is currently rated seventh among the world's largest refineries.
The refinery, situated in Lagos, can produce up to 50 million gasoline and 15 million diesel litres daily.
- Port Arthur Refinery in the US
The largest oil refinery in North America is Motiva, located in Port Arthur, Texas.
The Valero's Energy refinery, which can handle 640,000 barrels daily, is the eighth largest refinery globally.
Dangote to list refinery on Nigerian Exchange
Legit.ng also reported that Africa's wealthiest industrialist and chairman of the Dangote Group, Aliko Dangote, earlier disclosed his intention to publicly list his 560,000-capacity refinery on the Nigerian Exchange Limited.
The billionaire revealed this during an interview with the Financial Times. He said the company had resolved issues about crude oil supply and was prepared for the listing.
The development aligned with Dangote's more extensive business plans and could positively affect the company's valuation and investor engagement.
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