Nigeria's state petroleum corporation will increase its ownership share in the Dangote Refinery to 20 percent from current levels, according to Chief Executive Bayo Ojulari. He disclosed the expansion plan during remarks at the Abu Dhabi International Petroleum Exhibition and Conference held this week in the United Arab Emirates. The facility processes 650,000 barrels daily and began commercial operations last year as the largest refining complex across Africa, though performance has faced pressure from inexpensive imported fuel products.
Ojulari said preparations for a stock market listing continue as required under legislation passed in 2021. The Petroleum Industry Act mandates the company to pursue public share sales rather than treating the step as discretionary. Management has published monthly operational data since May to demonstrate greater openness ahead of the eventual offering. Financial leadership indicated in March that final arrangements were advancing, though no specific date has been announced for the debut. Last week, Ojulari revealed efforts to recruit technical partners who can help restart three idle refineries that absorbed substantial investment without producing results.
Ojulari said preparations for a stock market listing continue as required under legislation passed in 2021. The Petroleum Industry Act mandates the company to pursue public share sales rather than treating the step as discretionary. Management has published monthly operational data since May to demonstrate greater openness ahead of the eventual offering. Financial leadership indicated in March that final arrangements were advancing, though no specific date has been announced for the debut. Last week, Ojulari revealed efforts to recruit technical partners who can help restart three idle refineries that absorbed substantial investment without producing results.
