Nigerian industrialist Aliko Dangote will double the processing capacity of his refinery to 1.4 million barrels per day within three years. The Lagos facility currently handles 650,000 barrels each day but will surpass India's Jamnagar complex as the world's largest petroleum operation after completion.
The businessman signed agreements with technology partners to begin construction that will add 50,000 barrels of capacity by next year. Polypropylene output will rise from 900,000 tons to 2.4 million tons as part of the project. The expansion requires 65,000 workers and seeks five billion dollars in financing from the African Export-Import Bank.
The refinery transformed Nigeria from a fuel importer to a fuel exporter, selling products across North America despite challenges securing domestic crude supplies. Analysts describe the investment as reducing continental reliance on Middle Eastern petroleum while strengthening regional energy security through increased African production capacity.
The businessman signed agreements with technology partners to begin construction that will add 50,000 barrels of capacity by next year. Polypropylene output will rise from 900,000 tons to 2.4 million tons as part of the project. The expansion requires 65,000 workers and seeks five billion dollars in financing from the African Export-Import Bank.
The refinery transformed Nigeria from a fuel importer to a fuel exporter, selling products across North America despite challenges securing domestic crude supplies. Analysts describe the investment as reducing continental reliance on Middle Eastern petroleum while strengthening regional energy security through increased African production capacity.
