In a recent discussion with the Financial Times on the 25th of November, 2023, Dangote disclosed his plans for the refinery, which, despite missing two production deadlines, is set to kick off with a daily output of 350,000 barrels. He mentioned that a deal had been finalized for the initial delivery of approximately six million barrels of crude oil scheduled for December 2023. Dangote expressed, "Embarking on a journey with 350,000 barrels a day poses challenges that not everyone can confront and endure. It's a matter of either sinking or navigating through. We express gratitude to the Almighty for steering us to our destination."
During a visit to Saudi Arabia with President Bola Tinubu, Dangote shared with investors that the refinery aims to commence production using crude supplied by the Nigeria National Petroleum Company Limited (NNPC). Reports circulated about the refinery's order of six million barrels of crude oil from NNPC, totaling 200,000 barrels daily. In a Financial Times interview, Dangote confidently asserted his belief in the facility's capability to reach a daily output of 650,000 barrels by the close of 2024. Africa's wealthiest individual assured that the refinery has overcome all hurdles related to crude oil supply and is poised to eventually be listed on the Lagos Stock Exchange.
Addressing rumors that NNPC sought a more substantial stake in the refinery, Dangote dismissed the notion, stating that once operational, the facility is projected to generate an annual revenue of $25 billion. He emphasized NNPC's contentment with a 20% stake in the venture. The International Energy Agency, in its October 2023 Outlook, highlighted the anticipated pivotal role of the Dangote refinery in driving oil demand growth, particularly for African nations reliant on petrol imports.
Contrary to expectations, Dangote clarified that NNPC is not pressuring for a larger share in the refinery. He affirmed the refinery's intention to sell petrol to Nigeria in dollars, not naira. Edwin, the Executive Director, conveyed the company's readiness to initiate production after several delays since its commissioning in May 2023 in an interview with S&P Global Commodity Insights.
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