Dangote Refinery insists fire will not affect plans to distribute PMS next month
Following the fire outbreak at the Dangote refinery earlier today, the group has disclosed to Neusroom that production would not be affected in any way at the world’s largest single-train oil refinery.
Neusroom reported earlier that a fire incident occurred at a section of the Dangote Petroleum Refinery on Wednesday, June 26th. The Dangote Group immediately released a statement assuring that the incident was swiftly contained and the refinery remains operational.
“We have swiftly contained a minor fire incident at our effluent treatment plant (ETP) today, Wednesday, June 26,” the statement signed by Anthony Chiejina, the Group Chief Branding and Communication Officer reads.
“There is no cause for alarm as the refinery is operating and there is no recorded injury or harm to any of our staff on duty.”
In a call with Neusroom, Anthony Chiejina confirmed that the refinery “remains operational” and production continues as normal. Therefore, Nigerians can still expect the Dangote Refinery to release premium motor spirit (PMS) into the Nigerian market in July.
However, Chiejina refused to reveal the cause of the fire.
Nigerians’ high hopes for a fully operational Dangote Refinery
For many Nigerians, the Dangote Refinery offers a glimmer of hope for a much-desired reduction in the cost of petrol, which has increased transportation prices and is considered a prime factor in the soaring food prices.
According to the International Centre for Investigative Reporting, Dangote supplying Premium Motor Spirit (PMS) to the Nigerian market can reduce the current price by 15 per cent.
Adeola Adenikinju, a professor of energy economics, told ICIR in January that the commencement of the Dangote refinery, along with factors such as freight, logistics, insurance, financing, transportation, shipments, and import parity price, will reduce the cost of petrol to almost 10-15 per cent.
Go deeper: Will Dangote Refinery Crash The Price of Petrol? Here’s What You Should Know
Similarly, the refinery is set to be listed on the Nigerian Stock Exchange by the end of 2024. Aliko Dangote, the richest man in Africa and owner of the refinery made this disclosure while speaking with the Africa Report in May.
“The listing, most likely, I won’t be surprised if we list (on the Nigerian Stock Exchange) by the end of this year. We will do that. You know it’s new, and I think we would like to allow Nigerians, Africans, and other investors to join in making this historic move,” he said.
Experts believe that having the 650,000 barrel-a-day facility listed on the country’s stock market will offer Nigerians the opportunity to directly invest and benefit from one of Africa’s most significant industrial ventures.
Damilare Akanni, a financial expert, told Neusroom that the listing will increase the size of the Nigerian economy by attracting foreign investors.
“Listing Dangote’s refinery on the Nigerian Stock Market will attract investors, which will increase the financial flow into the economy and contribute to economic growth,” he said.
