Business

FEMI OTEDOLA, EXPECTS DANGOTE’S REFINERY TO ADD VALUE TO ECONOMY

Femi Otedola, one of Nigeria's most prominent billionaire investors, claims that Aliko Dangote's $20 billion refinery will help Nigeria achieve its goal of net-zero emissions by 2060, contributing to the country's economic development. A Sunday post on X (previously Twitter) from Otedola announced this. She also congratulated Aliko Dangote, calling him “my bestie @AlikoDangote as the 8th wonder of the world.” Otedola said that the refinery was a "beacon of hope for not only millions of Nigerians but also Africans," underscoring its significance.

Trinity Plaza 123

Additionally, it leads the charge in promoting environmental sustainability. It will help Nigeria reach its goal of net-zero emissions by 2060 by helping to capture up to 90%+ of the CO2 emitted through its carbon capture technologies and storage processes. It will also significantly contribute to lowering well-to-tank carbon emissions from crude oil maritime transportation, he tweeted. According to credible sources, the refinery will bring in over $27 billion a year from the sale of petroleum products, largely through exports, including urea, polypropylene, aviation fuel, gasoline, and kerosene. Otedola broke down the complex characteristics of the Dangote Petrochemical Complex, describing it as the largest single-train petroleum refinery in the world with a daily production capacity of 650,000 barrels.

Dangote Refinery 1

It also has two of the biggest fertilizer trains in the world, able to produce three million tonnes of urea annually, and a polypropylene factory with a yearly capacity of one million metric tons.

Dangote's visionary leadership and unwavering pursuit of greatness were praised by Otedola, who also acknowledged the difficult road that needed to be taken to realize this transformational ambition. He outlined certain eco-friendly practices, such as the refinery's 100% water recirculation and its potential to generate 50MW of power by absorbing process heat. He also underlined the refinery's contribution to environmental preservation, especially in terms of manufacturing Euro 5 to replace subpar Euro 5 that is disposed of in Africa.

Femi Otedola, one of Nigeria's top billionaire investors, claims that Aliko Dangote, the richest man in Africa, intends to use his $20 billion refinery to help Nigeria achieve its goal of net-zero emissions by 2060, contributing to the country's economic development. Declaring this on Sunday, Otedola sent a heartfelt congrats to Aliko Dangote on X (formerly Twitter), calling him “my bestie @AlikoDangote as the 8th wonder of the world.” Otedola stressed the refinery's importance, citing it as a "beacon of hope for millions of Nigerians and Africans." Additionally, it leads the charge in promoting environmental sustainability. Up to 90%+ of the CO2 released will be captured by its carbon capture technology and storage procedures, which will also significantly lower well-to-tank carbon emissions.

 

According to dependable information gathered by Nairametrics, the refinery would bring in over $27 billion a year from the sale of petroleum products, largely through exports, including urea, polypropylene, aviation fuel, gasoline, and kerosene. Otedola broke down the complex characteristics of the Dangote Petrochemical Complex, describing it as the largest single-train petroleum refinery in the world with a daily production capacity of 650,000 barrels. It also has two of the biggest fertilizer trains in the world, able to produce three million tonnes of urea annually, and a polypropylene factory with a yearly capacity of one million metric tons. Dangote's visionary leadership and unwavering pursuit of greatness were praised by Otedola, who also acknowledged the difficult road that needed to be taken to realize this transformational ambition.

 

He outlined certain eco-friendly practices, such as the refinery's 100% water recirculation and its potential to generate 50MW of power by absorbing process heat. He also underlined the refinery's contribution to environmental preservation, especially in terms of manufacturing Euro 5 to replace subpar Euro 5 that is disposed of in Africa. It is anticipated that 650kbpd of refined products and 650,000 barrels of crude oil sent out of Nigeria each day will reduce CO2 emissions by 1.5–2.5 million tons. Noting that the refinery's activities will not only fulfill Nigeria's demand for refined petroleum products but also support energy security and independence, functioning as a catalyst for economic progress in the subcontinent, Otedola congratulated Dangote for his major efforts. He ended by expressing his sincere congratulations to Aliko Dangote and reiterating how proud Africa is of his accomplishments.

Last modified on Friday, 15 December 2023 13:01
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Kayode Olorundare

Governor Aiyedatiwa of itOndo is expected to be declared as the winner of the 2024 gubernatorial election in Ondo. In the ruling expected on Wednesday the tribunal' judgment is being expected.

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