Aliko Dangote, chief executive officer (CEO) of Dangote Group, says the Dangote Petroleum Refinery and Petrochemicals will become the world’s largest refinery by 2028.
Dangote spoke on Monday at the preliminary signing ceremony
for the proposed initial public offering (IPO) of Dangote Petroleum Refinery
and Petrochemicals.
“Today marks a significant milestone for us as not just a
company, but as Nigerians and also Africans,” Dangote said.
“As we gather today to witness the preliminary activities
that will set in motion the initial public offering (IPO) of the 700,000
barrels per day in the Dangote refinery and petrochemicals, the largest
refinery in Africa, world’s largest single train, and soon to be the largest
refinery by 2028 in the world history.”
‘BANKS BACKED US WITHOUT SEEING LICENCE’
Reflecting on the project’s development, Dangote said the
journey began more than a decade ago when the group secured a loan agreement
with the backing of its bankers.
He said the lenders demonstrated confidence in the project
despite not having seen the refinery site or even a licence for the facility at
the time.
“Today also shows that nothing is impossible for us to
achieve once we are focused and determined,” Dangote said.
“Our vision 2030 mantra at the Dangote Group is accelerating
Africa’s industrialisation.
“We have learned the hard way, and we cannot industrialize
if we do not have the energy security.”
He said the group’s investment strategy had consequently
shifted towards strengthening energy security in Nigeria, which he described as
the powerhouse of Africa, while extending its industrialisation plans to other
parts of the continent.
Dangote said the group had announced expansion plans in
Ethiopia, Kenya, Tanzania, Namibia, and other African countries, with the
group’s investments also encouraging other entrepreneurs to participate in
Africa’s industrialisation.
On the proposed share offering, Dangote said ownership would
not be restricted to a particular category of investors.
“There is no segregation on who can own the shares,” he
said.
“We want every human being living on the continent to be
part of this action, and I’m sure they will continue to be happy now, future,
and forever.”
Also speaking, David Bird, chief executive officer (CEO),
Dangote refinery, said as a merchant refiner, the refinery serves Nigeria,
prioritising West African markets.
He added that “no better time than right now can we
demonstrate the world class quality of our products because we are the largest
jet fuel supplier into Europe”.
Bird said Africa’s industrialisation had reached a point
where it was contributing to the momentum of the global economy.
The CEO said he was particularly proud of the refinery’s
operational performance over the past six months, noting that it had helped
cushion some of the effects of supply disruptions linked to conflicts in the
Middle East and Ukraine.
Bird said the Dangote refinery had evolved into a
trading-led merchant refinery capable of processing a wide range of crude
grades and supplying multiple international markets.
He said the 700,000-bpd facility was by far the largest
refinery in Africa and already ranked among the five or six largest refineries
globally.
Bird said the planned expansion was fully sponsored,
engineered, and procured, leaving construction as the major outstanding phase.
“This is now just a construction exercise that we believe we
can deliver by 2028 to make the Dangote refinery the largest integrated
refinery and petrochemical complex on the planet,” he said.
Bird added that the refinery’s scale and quality placed it
firmly among the world’s leading facilities.
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