Dangote Refinery has officially registered three major oil marketing associations accounting for approximately 75% of the overall market, to handle the distribution of its refined products.
The Dangote Group, in a statement on Tuesday, disclosed the marketers include the Petroleum Products Marketers Association of Nigeria (DAPPMAN), the Major Oil Marketers Association (MOMAN) Nigeria, and the Independent Petroleum Marketers Association of Nigeria (IPMAN).
According to the statement, Dangote is currently exploring potential partnerships for distribution and is actively considering other marketers who have expressed interest in collaboration.
The $19 billion refinery has suffered years of delays and setbacks, but it finally began production last week.
The refinery is the largest single-train refinery in the world. According to reports, refined products from Dangote would hit the market within the month after all regulatory approvals were received.
Dangote stated that the refinery will first distribute per centdiesel and aviation fuel.
DANGOTE PETROLEUM REFINERY REGISTERS MOMAN, IPMAN, AND DAPPMAN MEMBERS FOR PRODUCTS DISTRIBUTION
Three prominent associations, that constitute 75 percent of the total market in Nigeria have been registered. pic.twitter.com/uSnVI1u8r9— Dangote Group (@DangoteGroup) January 23, 2024
What Dangote Group is saying
On the oil marketers who have registered to distribute products from the refinery, the Group said,
- “Three prominent associations, that constitute 75 per cent of the total market in Nigeria have been registered.
- “The Depot and Petroleum Products Marketers Association of Nigeria, the Independent Petroleum Marketers Association of Nigeria, and the Major Oil Marketers Association of Nigeria,”
In addition, Dangote Group said it was still “considering other marketers that have signified interest” to be partners with the refinery.
What you should know
- Despite being one of Africa’s largest oil producers and the continent’s leading economy, Nigeria heavily depends on imported fuel and diesel due to inadequate refining capacity.
- Meanwhile, Nigeria is poised to decrease its dependence on imports as the 650,000 bpd capacity refinery begins operations, enabling the country to produce and refine oil domestically
- In an earlier statement, Aliko Dangote said the refinery has secured a license to refine more than 300,000 barrels of crude per day.
- The refinery, first scheduled to open in 2021, was officially inaugurated by then-president Muhammadu Buhari in 2023.
- As the Dangote refinery begins production, the Port Harcourt refinery is also expected to start production.
