Dangote Oil Refinery Company Limited has said it could save about $26 billion yearly on fuel bills among other socio-economic benefits.
Head, Quality Control of the company, Rama Rao Putta, described the project as the largest single train petroleum refinery globally with capacity to process 650,000 barrels per day of crude oil.
Putta gave these hints when a delegation of the Lagos Chamber of Commerce and Industry led by the President, Mr Babatunde Ruwase, embarked on a tour of Dangote Jetty, Refinery and Fertilizer plants over the weekend.
He said the refinery would lead to the protection of forex revenue of around $16 billion a year at current market prices and saving of $10 billion a year for the country through domestic supplies of petroleum products.
In addition, he projected that the refinery would create 100,000 indirect employments through retail outlets and ease availability of petroleum products in the country, amongst other economic
potential.
Commenting during the tour, the LCCI President expressed excitement at the pace of work at the refinery and fertilizer plants, describing the refinery as a game changer for the nation’s oil and gas sector.
The industrialist was quoted in a news report distributed by the African Press Organisation for the Dangote Group, as commending the President/Chief Executive of the group, Alhaji Aliko Dangote, for the enormous investments in Africa over the past years.
The LCCI President enthused: “Dangote’s patriotism remains unparalleled when it comes to investment and that his investments in many sectors have been a key factor behind Nigeria’s improving economy. Dangote is doing so much to positively impact the lives of Nigerians through the production of household products.
“This project is the first of its kind. There is no investor in Nigeria that has developed the courage to come up with such gigantic project. From what we have seen today, we now have a better perception about the project. From what we have seen on ground, it shows that the project is a reality and it is possible for Nigeria to become exporter of petroleum product”, Ruwase added.
