Home Business Oil & Gas Dangote investors gain N514bn after refinery takeoff

Dangote investors gain N514bn after refinery takeoff

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Investors in the Dangote Group shares on Tuesday gained N514 billion following an announcement that the Dangote Refinery had commenced production.

Investors have rushed to Nigerian Exchange Limited to purchase stocks by Dangote Group, an entity that is sensitive to information.

Subsequently, three subsidiaries of Dangote Group listed on the NGX saw their combined market capitalisation rise by N513.69 billion on Monday, following a production announcement by the Dangote refinery.

A video earlier surfaced on social media showing the 650,000-barrels-per-day refinery coming to life with the subsequent announcement on Saturday that the refinery had commenced production

President/Chief Executive of Dangote Group, Aliko Dangote, described it as “a game changer” and “an important achievement for our country as it demonstrates our ability to develop and deliver large capital projects”.

The statement answered the curiosity of Nigerians on when it will be in the market, adding that it will be in Nigeria’s oil market before the end of January once it receives regulatory approval.

It said the refinery had so far received six million barrels of crude oil at its two single-point moorings located 25 kilometres from the shore. The first crude delivery was done on December 12, 2023, and the sixth cargo was delivered on 8th January 2024, it added.

“The refinery can load 2,900 trucks a day at its truck-loading gantries, and the products will conform to Euro V specifications. The refinery design complies with the World Bank, US EPA, European emission norms, and the country’s oil regulator’s emission/effluent norms, employing state-of-the-art technology”, the statement further explained.

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