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An African billionaire will build the world’s largest refinery

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An African billionaire will build the world’s largest refinery
July 09
09:00 2018

The richest man in Africa, Aliko Dangote, is going to do a good deed for his native country. He wants to build a large refinery, which will cost $ 10 billion. The project is planned to be implemented by the year 2020. Lagos, а financial capital of Nigeria, was chosen as the location of the plant.

After the plant reaches its maximum capacity, it will cope with 650 thousand barrels of raw materials per day. Edwin Devakumar, CEO for Dangote Industries, has made this statement. In an interview with Bloomberg, he also noted that people did not believe that the project would be in operation on time. “We will have finished by the deadline. The project is really huge. There are few factories of such a scale, but we will cope, “he said.

It is estimated that 50 million liters of gasoline and 15 million liters of diesel fuel will be produced per day. Mr. Devakumar noted that the ratio could vary. This will depend on the demand for petroleum products.

At the moment, Nigeria uses about 32 million liters of fuel per day. Surplus production will be exported.

According to Forbes, Dangote’s income is estimated at $ 12.2 billion. The 61-year-old billionaire was able to earn it with the help of his cement company. It is the largest on the continent in this industry. Aliko Dangote was also involved in sugar, flour and other agricultural products trade.

The project to build an oil refinery looks very large. Considering that Mr. Dangote has already got experience in creating large-scale productions, one can hope that he will succeed and become very useful for the country’s economy.

 

The material was prepared with the participation of Anjela Chromova,
a leading analyst of the brokerage company CT Trade

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