Vice President of Oil and Gas at Dangote Industries Limited (DIL), Devakumar Edwin, has reassured of the commencement of production of Premium Motor Spirit (PMS) also known as petrol by the Dangote Oil Refinery and Petrochemicals company this month.
Edwin disclosed during an onsite visit to the Dangote Refinery at Ibeju-Lekki, Lagos, by S&P Global, headquartered in Manhattan, New York City, as part of its sovereign credit ratings assessment of Nigeria.
He reiterated that as earlier promised, the company will start the production of petrol this month (July).
According to him, the move will harness Africa’s abundant crude oil resources to produce refined products locally, adding that the company aims to catalyse a virtuous cycle of industrial development, job creation, and economic prosperity.
Edwin also noted that products from the $20 billion facility are of high quality and meet international standards, saying that it can meet 100 per cent of Nigeria’s demand for petrol, diesel, kerosene, and aviation Jet, with surpluses available for export.
On its part, International financial analytics corporation, S&P Global, described the 650,000 barrels per day refinery as capable of resolving Nigeria’s foreign exchange (forex) issue, and its huge pressure on the local Naira currency, while also catalysing the country’s economic development.
The team from the international rating agency were accompanied by officials from the Federal Ministry of Finance.
S&P noted that the largest single-train refinery complex in the world, would bolster Nigeria’s oil sector and, more importantly, also have a positive impact on its growing economy.
Director and Lead Analyst, Sovereign and International Public Finance Ratings, S&P Global Ratings, Ravi Bhatia, who led the delegation to Lagos, said Dangote refinery would transform Nigeria into a net exporter of petroleum products.
He added that this transformation is expected to boost revenue generation and alleviate the current pressure on the country’s foreign exchange reserves.
