Refinery Owned By Africa's Richest Person To Add New Tanks For Crude Oil Imports
- Dangote is addressing supply challenges by building eight new crude storage tanks, boosting storage capacity by 41.67 to secure oil imports.
- The refinerys crude storage capacity will reach 3.4 billion liters, with new tanks adding 6.3 million barrels to meet growing demand.
- Dangote plans to expand his industrial influence, with new refineries and cement production in Angola, strengthening his global energy sector presence.
Africas richest man, Aliko Dangote, is working to address supply challenges at his 20 billion Dangote Oil Refinery, which has been facing an insufficient crude oil supply from Nigerias state-owned Nigerian National Petroleum Company NNPC Limited. In response, Dangote Industries is building eight new crude storage tanks to secure a stable supply of imported oil.
Storage capacity boost to meet growing demandThe refinery, which boasts a refining capacity of 650,000 barrels per day, is set to increase its crude oil storage capacity by 41.67 percent, totaling 3.4 billion liters. The new tanks will hold an additional 6.3 million barrels of imported crude, about 1 billion liters, helping to meet the growing needs of the refinery. Four of the eight new tanks are already near completion.
We are building these additional tanks to compensate for the insufficient local supply, said Devakumar Edwin, vice president for oil and gas at Dangote Industries Ltd. Importing crude from other countries instead of buying locally means that our crude stockpiles will have to be higher.
Refinery exports and growing influenceDespite challenges with local crude supply, the Dangote Refinery began producing diesel and aviation fuel in early 2024, followed by petrol in September. The refinery's products are already being supplied to the domestic market and exported to countries including Cameroon, Angola, Ghana, and South Africa.
Dangote's ambition extends beyond refining, as he has revealed plans to expand his footprint in Angola with a new refinery and increased cement production, further solidifying his position as a key player in Africas industrial transformation. These moves align with Dangotes broader goal to expand his influence in the global energy sector.