Dangote Makes Another Commitment, Moves to Set up Refinery Terminal on Another Continent

Dangote Makes Another Commitment, Moves to Set up Refinery Terminal on Another Continent

  • Aliko Dangote has revealed plans to establish a refinery terminal in the Caribbean in the coming months
  • Dangote said the company is planning to supply petroleum products to the North American region within 18 to 28 days
  • He disclosed plans to also begin cement export to the Caribbean, saying that the company’s capacity is beyond the Nigerian market

The Dangote Refinery plans to establish a terminal in the Caribbean to export petroleum products to North American countries.

Aliko Dangote, the President of Dangote Industries, revealed this on Wednesday, June 12, 2024, at the Afreximbank’s Trade and Investment Forum in the Bahamas.

Dangote refinery terminal, Aliko Dangote, The Caribbean
President of the Dangote Industries, Aliko Dangote discloses plans for a new refinery terminal Credit: Bloomberg/Contributor
Source: Getty Images

Dangote sets 20 days timeline for petrol export

Dangote said the company can supply petroleum products to the region within 18 to 20 days.

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He said the firm would sign an agreement with the region to construct a terminal for exporting petroleum products.

Dangote said:

“We will have a bilateral agreement with them, and bringing in stuff from there is not more than 18 to 20 days maximum. And then we need to set up a terminal.
“Once we set up a terminal, they will have a very cheap oil. They will have cheap energy. And by having cheap energy, their economy will grow faster.” 

Dangote to export cement to the Caribbean

Africa’s richest man also said his conglomerate is seeking to invest in cement export to the region.

He stated that the company’s cement production capacity is about 52 million metric tons and will increase by 10 million by the end of 2025.  

Reports say that Africa’s richest industrialist revealed that the conglomerate can meet the needs of the Caribbean market and create a win-win situation for all the parties.

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Dangote, who recently announced the postponement of petrol production from the refinery, disclosed that his company seeks to replicate its feat in Africa in the Carribean region.

He set a 28-month timeline for establishing the terminal, stating that if the correct materials are in place, the plan can be achieved.

Marketers queue to lift Dangote petrol

He said:

“If we the ingredients like the limestones etc, it’s a 28 months maximum. They can all be self-sufficient. It will be a win-win between us and them,” Dangote said. 

The development comes as marketers are said to have begun registering with the Dangote refinery to lift petrol from the facility.

The marketers said they are in talks with Dangote about reducing the petrol price when it becomes available.

Dangote, other refineries to crash petrol prices

Legit.ng previously reported that petrol prices should crash to about N300 per litre when mass production by the Dangote Petroleum Refinery and other refineries begins production.

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Refinery owners, under the aegis of the Crude Oil Refinery Owners Association of Nigeria (CORAN), explained that providing enough crude oil to local refiners would crash the price of petrol, stating that foreign refineries were cheating Nigeria.

CORAN stated that, like diesel prices, which sold for N1,700 before Dangote began production but later crashed to N1,200, the cost of petrol will crash when mass production begins.

Source: Legit.ng

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Pascal Oparada (Business editor) Pascal Oparada is a Mass Communications Graduate from Yaba College of Technology with over 10 years of experience in journalism. He has worked in reputable media organizations such as Daily Independent, TheNiche newspaper, and the Nigerian Xpress. He is a 2018 PwC Media Excellence Award winner. Email:pascal.oparada@corp.legit.ng