Following the announcement that the Dangote Refinery had started production, investors in the Dangote Group shares saw a gain of N514 billion on Tuesday.
Investors eager to buy equities from the information-sensitive Dangote Group have flocked to Nigerian Exchange Limited.
Subsequently, three subsidiaries of Dangote Group listed on the NGX saw their combined market capitalisation rise by N513.69 billion on Monday.
A video earlier surfaced on social media showing the 650,000-barrels-per-day refinery coming to life with the subsequent announcement on Saturday that the refinery had commenced production
President/Chief Executive of Dangote Group, Aliko Dangote in a statement described it as “a game changer” and “an important achievement for our country as it demonstrates our ability to develop and deliver large capital projects”.
READ ALSO: Dangote Petroleum Refinery begins production of diesel, aviation fuel
The statement answered the curiosity of Nigerians on when it will be in the market, adding that it will be in Nigeria’s oil market before the end of January once it receives regulatory approval.
It said the refinery had so far received six million barrels of crude oil at its two single-point moorings located 25 kilometres from the shore. The first crude delivery was done on December 12, 2023, and the sixth cargo was delivered on January 8, 2024.
“The refinery can load 2,900 trucks a day at its truck-loading gantries, and the products will conform to Euro V specifications.
“The refinery design complies with the World Bank, US EPA, European emission norms, and the country’s oil regulator’s emission/effluent norms, employing state-of-the-art technology”, the statement further explained.
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