THE Organisation of the Petroleum Exporting Countries (OPEC) said that the 650,000 barrels per day Dangote Refinery capacity has potentials to push out European refineries, which has supplied products to Nigeria, while the country’s three refineries were down.
According to a report by OPEC on Wednesday, January 15, the emergence of Dangote refinery has reduced the importation of petroleum products from Europe to Nigeria.
“The ongoing operational ramp-up efforts at Nigeria’s new Dangote refinery and its gasoline (petrol) exports to the international market will likely weigh further on the European gasoline market.
“Continued gasoline production in Nigeria, a country that has relied heavily on imports to meet its domestic fuel needs in the past, will most likely continue to free up gasoline volumes in international markets which will call for new destinations and flow adjustments for the extra volumes going forward,” the report stated.
The Dangote refinery, which began operations in January last year, started producing Premium Motor Spirit (PMS) in September, years after the country had relied solely on importation for its fuel needs with the Nigerian National Petroleum Company Limited (NNPCL) superintending the import over the years.
