With plans to significantly increase its refining capacity over the next few years, Nigeria’s Dangote Refinery is positioning itself as a more powerful player in the global aviation fuel industry.Â
The News Chronicle reports that the refinery plans to add 700,000 barrels per day of new refining capacity by 2028, thereby increasing output and extending its presence in world energy markets.
During an energy summit in London, David Bird, the company’s Chief Executive Officer, released the announcement.
Bird claims that the refinery now produces more jet fuel than the African market can handle, thereby offering a great opportunity to serve foreign clients.
He said that reliable vendors outside the Gulf have opened the door to market share growth in key oil-producing regions due to ongoing geopolitical crises and supply disruptions.
Already the biggest in Africa with a daily production capacity of 650,000 barrels, Dangote Refinery is on stream. The projected growth might ultimately raise overall capacity beyond two million barrels per day, thereby reinforcing Nigeria’s place in the world of refining.
The company is also looking to make further investments across Africa to increase its impact in the energy industry.
Industry experts think the development might help Dangote Refinery to become a top worldwide provider of refined petroleum products, boost export profits, and improve fuel security.
