By 2023, Nigeria will no longer import petroleum products, according to Mele Kyari, Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited.
Kyari made this announcement on Tuesday, at a press conference held at the state house in Abuja, highlighting that the NNPC had the entitlement to 20% of production from the Dangote refinery during the weekly Ministerial Briefing, which was held at the Presidential Villa in Abuja and hosted by the Presidential Communication Team.
In order to satisfy Nigerians’ need for petroleum products, he said that the Dangote refinery, which would start operating next year, will increase the output from state-owned refineries.
“The NNPC owns 20% equity in the Dangote refinery and not only that, we have the first right of refusal to supply crude oil to that plant. But we saw this energy transition challenge coming we knew that time will come when you will look for people who will buy your crude oil and not find any, which means we have locked down the ability to sell crude oil for 330,000 barrels minimum by right for the next 20 years.
“Also, by right we have access to 20% of the production from that plant. That means that whatever it does, you know we have a right to take 20% of that production as part of our equity and this refinery will come on stream latest by the middle of next year.
“Projection is the first quarter, but we think that it can come up latest by the middle of next year. If it does, this refinery alone has a 650,000 per barrel capacity and different technology, means that it can crack the crude in a manner that you can have more gasoline than a typical refinery.
“That means that the refinery has the ability to produce up to 50 million litres of PMS. So, the combination of that and our ability to bring back our refinery will completely eliminate any potential petroleum product into this country next year. You will not see any importation into this country next year. This is very practical. This is possible,” Kyari said.
“As a matter of fact, when we’re done with our refineries and the Dangote Refinery, very many small initiatives that we are doing; small, modular, condenser refineries that we’re building, if that happens, and we are very optimistic it will happen, you will see that this country will now be a net exporter, we hope of export of petroleum products, not just to the west African sub-region, but to the rest of the world.
“This will happen, and the flow of supply will change. By the middle of next year, it will change. So, you will have no need for the importation of petroleum products into this country by the middle of next year,” Kyari added.
