Dangote oil Refinery
The Dangote Petroleum Refinery has sold out its jet fuel supply to European markets for August and September, with the remaining stock reserved for Nigeria.
Chairman of Dangote Petroleum and Petrochemical Limited, Aliko Dangote, disclosed this on Monday September 14 during the formal launch of the refinery’s initial public offering on the Nigerian Exchange.
Dangote said strong demand for the refinery’s aviation fuel in Europe had resulted in the sale of its available supplies.
He said the refinery currently had no additional jet fuel to sell to Europe, adding that the available stock had been set aside for the Nigerian market.
“Right from August, September, we sold out in terms of jet fuel. We have nothing to sell anymore; the only one that we have done is to reserve that of Nigeria,” Dangote said.
The development comes as the refinery continues to increase its supply of refined petroleum products to both domestic and international markets.
The refinery produces aviation fuel, diesel and Premium Motor Spirit, among other products, and has expanded its exports to European and African markets.
The increased demand for Dangote’s jet fuel has also been linked to disruptions in fuel supplies from the Middle East, which have created opportunities for alternative suppliers.
The refinery, located in Lagos, has a nameplate capacity of 650,000 barrels per day and is seeking to raise up to ₦2.15 trillion through its proposed public offering.
