Dangote Refinery estimated to produce 0.3 million bpd by 2023 – OPEC
The Organisation of Petroleum Exporting Countries (OPEC) has revealed that Dangote Refinery will produce in excess of 650,000 barrels per day (0.3 million bpd) by 2023.
Dangote Refinery is a project funded by Dangote Group and it is set for completion in the first quarter of 2020. The refinery is expected to produce 65.4 million litres of petrol (PMS), diesel (AGO), aviation Jet fuel, and kerosene (DPK) on a daily basis.
OPEC, an intergovernmental orgainsation set up to coordinate the petroleum policies of its 14 members, has stated that West African countries reliance on importation of oil will significantly be reduced by Dangote Refinery.
A statement by the organization read: “Last year’s world oil outlook hinted that in africa, ‘new projects could improve the situation somewhat toward the end of the period.’ this year, increasing confidence that the dangote project in nigeria will go ahead is indeed changing the picture.
“Allowing for some uncertainty in the project’s start-up timetable, incremental potential in africa is expected to continue to lag incremental demand-based requirements through 2020, after which the potential is for a balance or excess requirements.
“A deficit of around 0.2 million barrels per day in 2019 to 2020 is estimated to swing to an excess of around 0.3 million bpd by 2022 to 2023. It must be borne in mind that this regional outlook is unusual in that it hinges largely on a single project.”
Another disclosure by OPEC revealed that there are over 40 refinery projects undergoing in Africa, which when completed will produce five million barrels per day.
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