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Dangote Has A Solution To The Unending Fuel Scarcity In The Country.

The Dangote Group , which is currently building what it calls the world’ s largest refinery , has given an assurance that when the plant comes on stream , it will put an end to the recurring fuel crises in the country.

The executive director , stakeholder management and corporate communications , Dangote Group, Mr . Mansur Ahmed , said by the time the refinery was ready , Nigeria would be transformed from a fuel importing country to an exporting one .

“ That plant itself is the largest single refinery plant anywhere in the world. In addition to the refinery , we are also going to produce some petrochemical products from the same complex . These are polyethylene and polypropylene ,” said Ahmed .

The petrochemical plant , which covers 250 , 000 hectares of land and is located in the Lekki Free Trade Zone in Lagos, would gulp $ 14 bn, with capacity to refine 650 million barrels of crude oil a day , the group ’s executive revealed .

The executive director urged the government to deregulate the downstream sector so that investors could play in an open market . “ One would prefer if it was deregulated so that we know that we are playing in the open market . The key issue is that if I buy crude , whether from Nigeria or anywhere else, I buy at an international price . If I produce a product and want to sell, I should sell that product at an international price .

“ So , I will not be affected by the decision of local pricing ; it is on that concept that we went into refining . We expect that we will buy our input , especially crude , for international market price , and that when we produce products, we will sell those products at international prices .

“ The refining industry is a global industry ; if you use those international benchmarks , you shouldn ’t really worry about the price . It is about time Nigeria completely deregulated the downstream industry. The kind of reason that has compelled the government to fix petroleum product prices has not been tenable ,” Ahmed maintains.

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