The Dangote Refinery is gearing up to start refining petrol on November 30, 2023, with diesel and jet fuel operations set to commence in October 2023, according to Devakumar Edwin, the group's executive director. In an interview with S&P Global Commodity Insights on Monday, Edwin revealed that the refinery would receive its first crude cargo within two weeks, kickstarting the production of up to 370,000 barrels per day of diesel and jet fuel in October 2023. Edwin also highlighted the refinery's plan to gradually increase petrol production, targeting an impressive output of 650,000 barrels per day by November 30. He emphasized their readiness to receive crude oil, stating, "Right now, I'm ready to receive crude. We are just waiting for the first vessel. And so, as soon as it comes in, we can start."

Regarding the adjustment to the initial timeline, Edwin explained during his discussion with S&P that the Nigerian National Petroleum Corporation Limited had previously committed their crude oil to another entity in advance, resulting in a temporary delay. He reassured that this setback is temporary, and the refinery is on track to exclusively use Nigerian crude oil starting from November 2023.

He pointed out that the Nigerian crude oil would be procured in US dollars, rather than in naira, due to the refinery's location in a free trade zone outside Lagos. However, the Nigerian National Petroleum Corporation Limited (NNPCL) would supply some crude at reduced prices as part of its equity stake.

Edwin also mentioned that, in addition to heavy Angolan grades, the Dangote refinery has the capability to process various African crudes, Middle Eastern Arab Light, and even US light-tight oil.

He stated, "We can even consider some Russian grades if the global regulations permit us to receive them. Essentially, when you examine our production profile, 50% of our production will meet 100% of the nation's requirements."

Excess gasoline, meeting 10 ppm sulfur Euro 5 quality standards, will find its way to other African markets, the US, and South America, albeit in relatively modest quantities. Simultaneously, jet fuel will be exported to Europe, and diesel will be distributed in sub-Saharan Africa," stated Edwin, as reported by S&P.

He emphasized the refinery's substantial benefits to Nigeria, offering a dependable supply of environmentally-friendly refined products and infusing a substantial amount of foreign exchange into the country.

Additionally, Edwin highlighted the crucial role the refinery will play in addressing fuel supply challenges in import-dependent West Africa. These challenges have been exacerbated by Nigeria's recent removal of fuel subsidies, resulting in a thriving illicit gasoline market due to price fluctuations.

Furthermore, he emphasized that the revenue generated from the refinery's operations would be reinvested to drive additional developments, highlighting Aliko Dangote's unwavering dedication to Nigeria.

"The funds will circulate back into the country and be allocated for additional investments," Edwin asserted. "Aliko Dangote's allegiance is firmly anchored in Nigeria."