The Dangote refinery in Nigeria, owned by Aliko Dangote, Africa’s richest man, went to negotiations with Libya and Angola to guarantee crude oil supplies.
The CEO of Dangote Refinery, Devakumar Edwin, said in a statement to Reuters that the refinery, which was launched in January, is facing difficulty in obtaining Nigerian oil as a result of thefts and sabotage of pipelines in addition to the lack of investments in the sector.
Edwin added that the refinery has resorted to importing oil from distant countries such as Brazil and the United States, and currently aims to expand its African network to include Libya and Angola to secure more stable sources. The refinery is also holding talks with other African countries to achieve this goal.
Edwin also confirmed that the refinery is increasing its exports of gas oil to West African countries, in an attempt to compete with European refineries and gain market share.
The refinery on the outskirts of Lagos, built at an estimated cost of $20 billion, is the largest on the continent and aims to reduce Nigeria’s dependence on imported fuel.
It is noteworthy that Libya’s investments in Nigeria are estimated at about $30 billion and include shares in oil refineries and fuel distribution stations.
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