Yemisi Izuora
Dangote refinery management has confirmed another delay in pushing out Premium Motor Spirit (PMS) that is referred to as petrol, saying the product from the plant will hit local market by August this year.
Aliko Dangote, who owns the $20 billion facility, stated this during a media conference.
He also revealed plans to list the refinery on the stock market in the first quarter (Q1) of 2025.
Dangote said that he will commence the sale of petrol directly to marketers beginning in August 2024.
According to Dangote, the refinery will commence full operations in 2024, starting with refining of intermediate products such as polypropylene, naphtha, RCO, gasoline, diesel, and jet fuel.
He said the refinery’s steady-state production phase commenced in March 2024, noting that it will ramp up production to 500,000 barrels per day (bpd), with 15 crude cargoes a month by August, 550,000 bpd by end of the year, and 650, 000 bpd by first quarter of 2025.
“Petrol production is to commence in July with sales from August,” Dangote noted.
Dangote said that the crude supply challenge, which affected the supply of petrol from the refinery, was resolved last week after the federal government intervened.
He also announced plans to list the much-anticipated refinery and fertilizer plants on the Nigerian Exchange Group (NGX) by the first quarter of 2025.
The decision to list the two subsidiaries comes as the conglomerate seeks to expand its investor base and unlock further value for shareholders.