Major oil marketers express commercial interests in Dangote Refinery

Major oil marketers express commercial interests in Dangote Refinery

Major oil marketers express commercial interests in Dangote Refinery


 

 

The Major Oil Marketers Association of Nigeria (MOMAN) has said it is open to engage the management of Dangote Group on commercial terms regarding the lifting of petroleum products from its refinery when completed.

Dangote Group said in a statement on Sunday that the MOMAN CEOs recently had a virtual meeting with the President of the Dangote Group, Alhaji Aliko Dangote, and were presented the project.

It said the marketers, who toured the 650,000 barrels-per-day refinery in Ibeju-Lekki, Lagos last week, expressed the belief that it would help remove the various bottlenecks associated with the importation of petroleum products into the country.

The Chairman, MOMAN, Adetunji Oyebanji, was quoted as saying after the tour of the refinery complex, “It is our desire to see our members buy refined products from Dangote refinery when it comes on stream.

“We are open to discuss commercial terms with the management of Dangote Oil Refinery regarding lifting of refined products.

“The turnaround time is going to be much faster. It will be more efficient.”

He said getting products from the refinery would also give the major marketers the possibility of getting the product by vessels or trucks.

“It is going to have a positive impact on the way we do business in the downstream sector. Hopefully, we believe Dangote refinery is going to result in delivering decent margins for our members; enough margins for us to begin to rebuild or/upgrade the assets in the industry,” he added.

He said the refinery would move Nigeria from an import-dependent nation to self-sufficiency in petroleum products.

Oyebanji expressed hope that the coming on stream of refinery would facilitate the deregulation of the downstream oil sector.

The Chief Operations Officer, Dangote Oil Refining Company, Giuseppe Surace, told the marketers that the refinery had been designed to process a variety of light and medium grades of crude, including petrol, diesel, jet fuel and polypropylene.