By Ese Ufuoma
In a recent development, Bloomberg’s latest ranking has positioned the Dangote Refinery as a frontrunner, surpassing the top 10 largest refineries in Europe.
The financial data and media company’s report highlights the capacity of the $20 billion Dangote Refinery, located along the Lekki-Epe Expressway in Lagos State, Nigeria.
With the capability to refine 650,000 barrels of petroleum products per day, the Dangote Refinery overshadows many renowned European counterparts. Notably, its capacity surpasses that of Shell’s Pernis Refinery in the Netherlands, which stands at 404,000 barrels per day, making it the largest in Europe.
Bloomberg’s analysis also sheds light on other European heavyweights, including the BP Rotterdam Refinery in the Netherlands and the GOI Energy ISAB Refinery in Italy, each boasting capacities below that of the Dangote Refinery.
Describing the Dangote Refinery as a ‘game changer,’ there is a strategic advantage in leveraging cost-effective US oil imports, positioning itself as a significant player in the global energy market.
Industry analysts anticipate a transformative impact on Nigeria’s fuel market and the wider region as the Dangote Refinery ramps up operations. Recent reports indicate successful shipments of jet fuel, diesel, and naphtha, signalling a promising trajectory towards full production capacity.
Moreover, the refinery’s entry into the Nigerian market has already yielded tangible results, with diesel prices plummeting from N1,600 to N940 within a month, marking a substantial shift in the local energy landscape.
