• Home
  • About Us
  • Contact Us
Thursday, June 26, 2025
Star Lite News
  • Home
  • News
    • All
    • Business
    NYSC

    NYSC Sanctions Corps Member Raye Over Criticism of President Tinubu, Sparks Outrage

    Suspension

    Benue Governor Alia Suspends Chief Press Secretary Indefinitely

    EFCC

    EFCC Declares MD Of Fargo Oil Firm Wanted Over N976million Fraud

    EFCC-SunTrust SunTrust Bank Ltd.

    EFCC Arraigns Sun Trust Bank CEO, Executive Director, Halima Buba and Innocent Mbagwu Over ‘$12m Money Laundering’

    Olubunmi Tunji-Ojo-Public Holiday

    FG Declares Two Days Public Holiday For Sallah

    WAEC Candidate

    Tragedy in Ibadan: WAEC Candidate Killed by Stray Bullet During Police Chase

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Entertainment
    Mike Ejeagha

    ‘Gwogwogwo’ Music Legend Mike Ejeagha, Dies At 95 After Battling Prostate Cancer For 16 Years

    AMVCA

    AMVCA 2025 Awards: Full List Of Winners As Chioma Chukwuka, Femi Adebayo Win Best Actress, Actor

    Nathaniel Bassey

    Nigeria’s Gospel Music Maestro Nathaniel Bassey To Minister At Trump’s Inaugural Prayer Breakfast

    Doris Ogah

    Doris Ogah Becomes 45th Miss Nigeria

    Netflix

    Netflix Investments Give Life To Nollywood Projects

    BBNaija

    STREEZE become the third pair of housemates to be evicted from season 9 of the #BBNaija show

  • Lifestyle
    • All
    • Food
    GTCO Food and Drinks Festival

    Announcing The 2024 GTCO Food And Drink Festival: A Celebration Of Authentic Flavours

    MKH staff celebrate Chairman’s Mother as she clocks 66…

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • Business
  • Politics
  • World
No Result
View All Result
  • Home
  • News
    • All
    • Business
    NYSC

    NYSC Sanctions Corps Member Raye Over Criticism of President Tinubu, Sparks Outrage

    Suspension

    Benue Governor Alia Suspends Chief Press Secretary Indefinitely

    EFCC

    EFCC Declares MD Of Fargo Oil Firm Wanted Over N976million Fraud

    EFCC-SunTrust SunTrust Bank Ltd.

    EFCC Arraigns Sun Trust Bank CEO, Executive Director, Halima Buba and Innocent Mbagwu Over ‘$12m Money Laundering’

    Olubunmi Tunji-Ojo-Public Holiday

    FG Declares Two Days Public Holiday For Sallah

    WAEC Candidate

    Tragedy in Ibadan: WAEC Candidate Killed by Stray Bullet During Police Chase

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Entertainment
    Mike Ejeagha

    ‘Gwogwogwo’ Music Legend Mike Ejeagha, Dies At 95 After Battling Prostate Cancer For 16 Years

    AMVCA

    AMVCA 2025 Awards: Full List Of Winners As Chioma Chukwuka, Femi Adebayo Win Best Actress, Actor

    Nathaniel Bassey

    Nigeria’s Gospel Music Maestro Nathaniel Bassey To Minister At Trump’s Inaugural Prayer Breakfast

    Doris Ogah

    Doris Ogah Becomes 45th Miss Nigeria

    Netflix

    Netflix Investments Give Life To Nollywood Projects

    BBNaija

    STREEZE become the third pair of housemates to be evicted from season 9 of the #BBNaija show

  • Lifestyle
    • All
    • Food
    GTCO Food and Drinks Festival

    Announcing The 2024 GTCO Food And Drink Festival: A Celebration Of Authentic Flavours

    MKH staff celebrate Chairman’s Mother as she clocks 66…

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • Business
  • Politics
  • World
No Result
View All Result
Star Lite News
No Result
View All Result
Home Business

Lifting of Petrol from Dangote Refinery Marks Return To Industrialisation, Local Refining – FG

starliteadmin by starliteadmin
September 15, 2024
in Business
0
Dangote Refinery
0
SHARES
0
VIEWS
Share on FacebookShare on WhatsAppShare on Twitter

The Federal Government has announced that the commencement of petroleum lifting from the Dangote Petroleum Refinery and Petrochemicals marks a return to industrialisation and local refining in Nigeria.

This announcement came yesterday as a fleet of trucks from the Nigerian National Petroleum Corporation Limited (NNPCL), began transporting Premium Motor Spirit, commonly known as petrol, from the world’s largest single-train refinery, located in the Ibeju-Lekki area of Lagos State.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who led the government delegation, described the event as epoch-making and a renewal of Nigerians’ hope in industrialisation and local refining.

“This is the resumption of Nigeria’s march toward industrialisation. It represents a return to what we once had – local refining and local supply of petroleum products in the Nigerian market. It has been decades since we last achieved this, but we have it today,” he said.

L-R, Vice President Business Unity,  Dangote Industries Ltd, Olakunle Alake, Vice  president Oil & Gas, Dangote Industries Ltd, Devakumar Edwin, Minister of Finance, Oluwale Edun, MRS Oil & Gas, Sayyu Dantata, Chairman Federal Inland Revenue, Zaccheus Adedeji, at the Flag Off of Petroleum Motor Sprint (PMS) product (Petrol) from the Dangote Petroleum Refinery, Lekki Lagos on Sunday, September 15, 2024.

Dangote Refinery

L-R, Vice  president Oil & Gas, Dangote Industries Ltd, Devakumar Edwin, Minister of Finance, Oluwale Edun, Vice president Business Unity, Dangote Industries Ltd, Olakunle Alake, Chairman MRS Oil & Gas, Sayyu Dantata,  at the Flag Off of Petroleum Motor Sprint (PMS) product (Petrol) from the Dangote Petroleum Refinery, Lekki Lagos on Sunday, September 15, 2024.

Petroleum Thanker at the  Gantry.

  1. Dangote Petroleum Fire Fighter on standby

The minister, who was accompanied by Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service and Chairman of the Technical Sub-Committee on naira-based crude sales to local refineries, also stated that the initiative will ensure energy self-sufficiency and security in Nigeria. He explained that the product’s availability to Nigerians will end perennial scarcity and long queues. He noted that this aligns with President Bola Tinubu’s vision of adding value to raw materials before they leave the country. He said that Tinubu originated the free trade zone concept during his term as governor of Lagos State.

“Today, you have taken an important step towards energy self-sufficiency in Nigeria. We have advanced toward energy security and the implementation of the government’s policy of boosting domestic investment. It is President Tinubu’s vision that no raw material should leave Nigeria’s shores without some form of value being added. Commendation is due to His Excellency, Bola Ahmed Tinubu, who facilitated the supply of crude to local refineries in naira by ensuring that NNPC provides crude to these refineries,” he added.

Edun lauded the President of Dangote Industries Limited, Aliko Dangote, and his team for restoring Nigeria’s status as a producer of refined products, nearly three decades after the country ceased local refining. He praised Dangote for his patriotism and for exemplifying the can-do spirit of Nigeria, despite skepticism from many quarters about the feasibility of establishing a refinery.

“We congratulate Dangote, Africa’s foremost businessman and industrialist, and arguably one of the top investors in the world, on this day of triumph and success. They said it couldn’t be done, that we could not produce PMS from this facility, but today we are all witnesses to the commencement of PMS loading here. This refinery is producing PMS that is. sufficient for the entire Nigerian market, with a surplus for export. We call on other domestic refiners to not only supply the local market but also to change the narrative by producing petroleum products for the sub-region and beyond. This will generate additional foreign exchange revenue for the betterment of the economy. We are thrilled that this day has arrived,” he said.

Praising the quality of the products from the refinery, Edun noted that the facility’s global competitiveness enables it to export its products and sets a benchmark for Nigerian companies to compete favourably on the international stage. He also commended the technical sub-committee on naira-based crude sales to local refineries for finalising all formalities, ensuring a smooth supply of crude to local refineries. The Minister added that President Tinubu is also focusing on enhancing food security.

Vice President of Oil and Gas at Dangote Industries Limited (DIL), Devakumar Edwin, stated that the commencement of PMS production from the refinery fulfills Dangote’s vision of addressing energy supply challenges in Nigeria. He emphasised that it is a point of pride that a Nigerian company has designed and built the world’s largest single-train refinery complex, which will not only make Nigeria self-sufficient in refined products but also a net exporter.

“If you consider the refinery’s capacity for PMS alone, processing 52,000 barrels of crude each day generates more than 54 million litres of PMS. Additionally, the refinery can produce other products. Specifically, 44% of the refinery’s capacity can meet 100% of domestic needs, while 56% is allocated for export. It is indeed a massive refinery,” he said.

Edwin maintained that the refinery would significantly benefit the country’s economy by reducing Nigeria’s foreign exchange demand by at least 40 percent while also generating foreign earnings through exports.

“It will not only substitute imports but also boost forex generation through export. We will save foreign exchange in two ways: first, by reducing expenditures on importing petrol, jet fuel, diesel, and other products, and second, through the revenue generated from exports,” he said.

He also addressed concerns about tankers overwhelming the Ibeju-Lekki area, as seen in Apapa. Edwin assured that the refinery has made provisions for loading petroleum products via its jetty and emphasised that it includes a self-sufficient marine facility capable of handling the world’s largest vessels.

Tags: Aliko DangoteDangote Petroleum Refinery and PetrochemicalsDevakumar EdwinDILDr. Zacch AdedejiExecutive Chairman of the Federal Inland Revenue Service and Chairman of the Technical Sub-CommitteeMinister of Finance and Coordinating Minister of the EconomyPresident of Dangote Industries LimitedStarlitenewsVice President of Oil and Gas at Dangote Industries LimitedWale Edun
Previous Post

Borno: Aliko Dangote Foundation Donates N1bn To Maiduguri Flood Victims

Next Post

Dangote Refinery Denies Selling Fuel To NNPC At N898 Per Litre 

starliteadmin

starliteadmin

Related Posts

Dangote Petroleum Refinery

Dangote Refinery’s Fuel Distribution Plan A Boost To CNG Initiative, Says Presidency

by starliteadmin
June 26, 2025
0

The Presidential Compressed Natural Gas Initiative (PCNGI) has welcomed the Dangote Refinery’s fuel distribution plan that will see it deploying...

Dangote Cement

Dangote Cement EBITDA Crosses N1 Trillion Mark as Shareholders Smile Home with N30 Dividend Per Share

by starliteadmin
June 25, 2025
0

For the first time since its inception, Dangote Cement Group’s earnings before interest, taxes, depreciation, and amortization (EBITDA) reached an...

Dangote Cement

Dangote Cement Ibese trains Host Community leaders for optimal performance

by starliteadmin
June 24, 2025
0

As part of its commitment to strengthening local content and community engagement, Dangote Cement Plc., Ibese Plant, has held its...

2024: Dangote pays N502.6 billion to Cement Shareholders as Dividends

2024: Dangote pays N502.6 billion to Cement Shareholders as Dividends

by starliteadmin
June 23, 2025
0

Shareholders of Dangote Cement on Monday were full of praise for the Board, Management, and staff of the company after...

Visa Centres

FG seals-off visa centres of 3 countries in Abuja for alleged obstruction of investigation

by starliteadmin
June 20, 2025
0

The federal government, through the Federal Competition and Consumer Protection Commission (FCCPC), has sealed-off France, Belgium and Italy visa centres...

Zenith Bank Plc

ZENITH BANK ASSURES INVESTORS ON EXIT FROM CBN’S REGULATORY FORBEARANCE BY 30TH JUNE, RESTATES COMMITMENT TO CONTINUED DIVIDEND PAYMENT

by starliteadmin
June 19, 2025
0

Zenith Bank Plc, Nigeria’s biggest bank by Tier-1 Capital, has assured shareholders and investors of its readiness to satisfy all...

Next Post
Dangote Group

Dangote Refinery Denies Selling Fuel To NNPC At N898 Per Litre 

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Popular Posts

  • Tinubu and Timothy

    Prince Chukwudi Timothy Appeals For Dialogue Instead Of Nationwide Protest

    0 shares
    Share 0 Tweet 0
  • Peter Obi says victory of Christ the King College at World Affairs Challenge heartwarming

    0 shares
    Share 0 Tweet 0
  • Family reveals Ifeanyi Ubah’s burial date

    0 shares
    Share 0 Tweet 0
  • ACEACRES24: Akmodel MD Makes Presentations At The 2Days Event (Photos)

    0 shares
    Share 0 Tweet 0
  • Legends of Nollywood Financial Summit Is Here, Meet The Speakers: Apostle Anselm Madubuko, Mrs. Bukola Agbaminoja, Pst. Moji Bakare Asieru-sweet, Others

    0 shares
    Share 0 Tweet 0

Recent Posts

  • Dangote Refinery’s Fuel Distribution Plan A Boost To CNG Initiative, Says Presidency
  • Fidelity Bank Promotes 12% of Workforce and Increases Salaries by 20% across board
  • Fidelity Bank MD Not Part of the Woobs Case
  • NYSC Sanctions Corps Member Raye Over Criticism of President Tinubu, Sparks Outrage
  • Sanwo-Olu: Akmodel CEO Celebrate A Diamond Leader at 60!
Starlite news icon

Browse by Category

Archives

  • Home
  • About Us
  • Contact Us

© 2022 | Crafted with ❤ by Claridan - Adsvance Digitals.

No Result
View All Result
  • Contact Us
  • About Us
  • Business
  • Politics
  • World
  • Entertainment
  • Lifestyle

© 2022 | Crafted with ❤ by Claridan - Adsvance Digitals.

  • https://starlitenews.com.ng/2024/10/17/sustainability-dangote-cement-commits-to-carbon-emission-reduction-for-business-optimisation/
  • https://starlitenews.com.ng/2024/07/12/dangote-refinery-imports-additional-11m-barrels-of-us-crude-oil-due-to-domestic-supply-shortage/
  • https://starlitenews.com.ng/2024/11/23/fidelity-bank-to-give-out-n159million-in-gaim-6-promo/
  • https://starlitenews.com.ng/2024/07/09/zenith-bank-emerges-best-commercial-bank-in-nigeria-and-best-corporate-governance-nigeria-at-world-finance-2024-awards/