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Nigeria's 650,000 barrel per day (bpd) Dangote oil refinery has a large surplus of jet fuel and can supply the product all over the world, Chief Executive David Bird said on Tuesday. With demand on the African continent lower than other regions, the refinery has a surplus to export.
"We're very grateful to be seen as a reliable, high-quality and dependable supplier able to land our product competitively all over the world," Bird said at the S&P Global Energy Middle East Petroleum and Gas Conference in London. The refinery's positioning as a global supplier marks a significant shift for Africa's largest oil refining facility.
Jet fuel has been one of the fuels most acutely affected by the Iran war and closure of the Strait of Hormuz. That has presented refiners based outside the Gulf region, such as Dangote, the opportunity to supply global markets. Bird said the refinery is currently running flat out at nameplate capacity.
The refinery is planning what Bird described as a "ruthless replication" project to double capacity. "We will bring 700,000 barrels per day of fully complex refining capacity on stream by the end of 2028," Bird said, adding that long-lead items have been purchased and the company is in the process of awarding construction contracts.
The group could then lift refining capacity to 2.1 million bpd with another refinery planned in East Africa, helping it to become a significant player in crude and refined products flows, Bird said. This expansion would position Dangote among the world's largest refining operators.
Nigeria has gone from fuel scarcity to absolute fuel abundance since the Dangote refinery came online, Bird said. The transformation represents a major milestone for Nigeria's energy sector and its position in global oil markets.
