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Friday, June 21, 2024

Dangote’s stocks soar by N514bn after refinery take-off

Dangote’s stocks soar by N514bn after refinery take-off

Following announcement that the Dangote refinery had commenced production, investors have rushed to Nigerian Exchange to purchase stocks by Dangote Group which saw an appreciation of N514 billion.

Subsequently, three subsidiaries of Dangote Group listed on the Nigerian Exchange Limited (NGX) saw their combined market capitalisation rise by N513.69 billion on Monday, following production announcement by the Dangote refinery.

Last Friday, a video surfaced on social media showing the 650,000-barrels-per-day refinery coming to life with subsequent announcement on Saturday that the refinery had commenced production

Speaking on the development, Aliko Dangote, president/chief executive of Dangote Group, described it as “a game changer” and “an important achievement for our country as it demonstrates our ability to develop and deliver large capital projects”.

The statement answered the curiosity by Nigerians on when it will be in the market, adding that it will be in Nigeria’s oil market before the end of January once it receives regulatory approval.

It said the refinery had so far received six million barrels of crude oil at its two single point moorings located 25 kilometres from the shore. The first crude delivery was done on December 12, 2023, and the sixth cargo was delivered on January 8, 2024, it added.

“The refinery can load 2,900 trucks a day at its truck-loading gantries, and the products will conform to Euro V specifications. The refinery design complies with the World Bank, US EPA, European emission norms, and the country’s oil regulator’s emission/effluent norms, employing state-of-the-art technology,” the statement further explained.

 

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Faruk Khalil
Faruk Khalilhttps://nigeriansketch.com/
Khalil Faruk (Deputy Editor-in-Chief), has a Bachelors and Master's degree in Political Science and has worked as a reporter, features editor and Deputy Editor-in-Chief respectively in a leading Nigerian daily. He has undergone trainings in journalism, photo journalism and online journalism within and outside Nigeria.

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