Aliko Dangote, Chairman, Dangote Industries Restricted, defined that the current discount within the worth of Premium Motor Spirit, generally often known as petrol, to N899.50 per liter at his loading bridge was primarily pushed by the complicated dynamics of market forces.
He additionally mentioned it was his duty to guard the pursuits and investments of the multi-billion greenback firm.
The businessman made the remarks throughout an interview in an Come up TV documentary posted on YouTube and obtained by our correspondent on Wednesday.
“The value discount is a response to the market, and let me put it this fashion,” he mentioned. “It’s a refinery during which we’ve got invested greater than $20 billion, and I feel we must always attempt to shield our pursuits and investments as nicely.”
On December 19, 2024, Dangote Refinery lowered the value of petrol on the former depot from N970 to N899.50 per litre.
This sparked intense pricing competitors within the downstream sector, forcing NNPCL to scale back its ex-depot worth to N899 per litre.
Likewise, the refinery introduced its partnership with MRS Petrol Station to promote petrol from its stores throughout the nation at N935 per litre, a lot to the delight of Nigerians.
Talking additional within the interview, Dangote reiterated that the refinery with a manufacturing capability of 650,000 barrels per day will rework not solely Nigeria’s oil sector but in addition your entire financial system of the nation.
He careworn that when the nation imports petroleum merchandise, there may be better stress on international alternate.
“40 p.c of our international alternate demand comes by means of individuals who deal in petroleum merchandise, and the extra we enable imports in, not as a result of I don’t need imports, however the extra we enable imports in, the extra we proceed to make use of them,” he mentioned. “Most of our international forex goes overseas as a result of Nearly all of these letters of credit score are open to petroleum merchandise and the products don’t come into Nigeria.”
“There’s nothing you do that you just will not get criticized for. However I feel we can also’t management individuals expressing their opinions.
Dangote reiterated that he was open to criticism, including that within the historical past of Nigeria, within the final 100 years, “nobody has invested $20 billion in any mission.”
“Criticism won’t cease us from persevering with what we’re doing. I did this mission due to my love for my nation and to verify I’ve a legacy mission. If I invested this cash in Google or Apple, my funding can be better, and I might not have the complications I’ve right this moment.”
“So, I feel it is patriotism that made me do that. I might quite depart a legacy behind. I am not a wealthy man. I am a wealthy man. And wealthy individuals, what they do is create jobs for the widespread individuals, not increase cash for themselves.”
He additionally described the Nigerian Nationwide Petroleum Company’s $1 billion funding within the refinery as a “drop within the ocean.”
“In 2021, after we signed the settlement, even in case you give us $1 billion, $1 billion is a drop within the ocean in a $20 billion refinery,” Dangote mentioned.
“When NNPC mentioned: ‘Give us one other 12 months, we need to change the settlement, we favor to pay you in money,’ as a result of individuals didn’t perceive this situation of the $2 low cost on crude oil.
“Can we be sure there may be readability about this? So what would you like? So that they mentioned they might pay us money, and we must always give them one other 12 months.
“We gave them one other 12 months. So from June final 12 months to June this 12 months. So on the fourth or fifth of June, I known as the NNPC and so they gave us per week.
Dangote later mentioned the NNPC determined to again out of the deal out of the blue when cost was due.
“I mentioned, ‘Okay, okay. We simply walked away and simply saved going. However we’re nonetheless transferring ahead, we have completed our refineries.’ ‘Our refineries are working,’ he mentioned.
Talking additional, Dangote mentioned it was “very impolite and dangerous for the one that got here up with this nonsense, saying that NNPC gave us $1 billion to assist us with our liquidity disaster.”
He added, “This isn’t true; “That is only a bunch of lies.”
For his half, Dangote Industries Restricted Vice President, Devakumar Edwin, revealed that the ability is now refining 350,000 barrels of crude per day.
“The complete capability is 650 thousand barrels per day. What we’re doing now’s attending to about 350,000 as a result of the thought is that till I get your entire refinery up and operating, it would not make any sense for me to push the manufacturing degree as a result of the total refinery is up and operating, and we’ll earn money.
“Properly, Nigerian crude manufacturing is greater than double our wants. So there may be extra crude oil out there inside Nigeria.
(Tags for translation) Aliko Dangote
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Enterprise, Enterprise & Economic system , Dangote Industries Restricted , Gas
