{"id":55493,"date":"2022-01-19T21:02:35","date_gmt":"2022-01-19T20:02:35","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=55493"},"modified":"2022-01-19T21:03:12","modified_gmt":"2022-01-19T20:03:12","slug":"dangote-refinery-to-reduce-africas-petroleum-importation-by-36-says-appo","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/dangote-refinery-to-reduce-africas-petroleum-importation-by-36-says-appo\/","title":{"rendered":"Dangote Refinery To Reduce Africa\u2019s Petroleum Importation By 36%, Says APPO \u00a0\u00a0"},"content":{"rendered":"

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African Petroleum Producers Organisation (APPO) has said that the establishment of Dangote Oil Refinery will bring about a 36 per cent reduction in the importation of petroleum productions into the continent.<\/strong><\/h4>\n

Besides, the organisation expressed a belief that the success of\u00a0Dangote Refinery project could incentivise the rise of similar projects across Africa despite the current focus on energy transition.<\/p>\n

The Secretary-General, African Petroleum Producers Organisation, Dr. Omar Farouk Ibrahim, said in an interview that Dangote Refinery shall be supplying over 12% of Africa\u2019s products demand when it becomes operational.<\/p>\n

Ibrahim stated, \u201cTo appreciate the impact that the Dangote refinery is going to have on African economies and especially on the supply of petroleum products, and to some extent the conservation of scarce foreign exchange, a look\u00a0at some statistics on the continent\u2019s petroleum products demand and supply is in order.<\/p>\n

\u201cCurrently, Africa\u2019s daily petroleum demand is 4.3 million barrels per day (mbd). Of this volume, 57% is produced locally (on the continent) while 43% is imported. When Dangote is fully onstream, the percentage of Africa\u2019s products\u00a0import shall drop to 36%. This is even as the total volume of products demand rises to 5.4 mbd. You can therefore see the huge impact that Dangote refinery shall be making to overall products supply in Africa. Dangote shall be supplying over 12% of Africa\u2019s\u00a0products demand.<\/p>\n

\u201cThat is huge savings for a continent that has scarce foreign exchange and little to export. We shall save from buying abroad and from shipping and insurance costs. Furthermore, the success of Dangote could incentivise the rise\u00a0of similar projects, the noise about energy transition notwithstanding,\u201d oil analyst noted.<\/p>\n

Ibrahim also hailed Dangote\u2019s decision to go ahead with the construction of crude oil refinery despite a campaign against fossil fuels, adding that the demand for fossil fuel is going to continue for several decades to come.<\/p>\n

\u201cWe believe that Dangote made a very wise decision to proceed with the project, despite the campaign against fossil fuels. There will be demand for petroleum products for many decades to come. Indeed, we see petroleum products\u00a0prices rising steadily in the next few years for at least two decades.<\/p>\n

\u201cThis is because new refineries are not coming up in Europe and North America, where Africa imports 34% of its supplies, because their governments have embraced energy transition, some willingly, others due to pressure. So, some\u00a0of the sources of Africa\u2019s imports are going to dry up. At the same time, Africa will not be in a position to fast track the development of non-fossil fuels.<\/p>

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\u201cIn fact, even the developed countries will not be able to move as fast as is projected. We see Africa and many regions of the world continuing to rely on fossil fuel energy at a time when deliberate decisions are being made to\u00a0stop funding fossil fuel projects. The world risks abandoning fossil for renewable, but in the end not getting the renewables, and at the same time losing the fossils due to deliberate neglect\u201d, he explained.<\/p>\n

Ibrahim urged African refiners to invest more on technology and develop the right expertise to manage their refineries, which are going to serve the continent as western refiners halt the establishment of more refineries.<\/p>\n

He stated, \u201cAfrican refiners have no cause to worry about their investments. All they need to do is to ensure that they have developed the right expertise to manage their refineries, get honest managers and staff to run their business\u00a0and come together to join APPO\u2019s initiative to establish foundries and other equipment manufacturing plants to service their refineries. Once they have these, the market is there for their products.<\/p>\n

\u201cFor the next three decades or more, Africa shall continue to use fossil fuel-driven vehicles and with its population projected to double within that period, there will be a huge market for petroleum products. Africa cannot rapidly\u00a0transit into electric vehicles, as the bulk of the vehicles on our roads today and in the next\u00a020-30\u00a0years are going to be non-electric. There is the market, and we should not be discouraged from thinking positively\u201d, the APPO scribe noted.<\/p>\n

He disclosed that APPO is working with its Member Countries to construct cross border energy infrastructure like pipelines for crude and products as well as for oil and gas terminals, depots etc.<\/p>\n

\u201cOnce we have this infrastructure on the ground, the markets for African refiners shall not be limited to their home countries. Fortuitously, the African Continental Free Trade Agreement, which came into force in\u00a02021, is there\u00a0to support this initiative\u201d, he added.<\/p>\n","protected":false},"excerpt":{"rendered":"

African Petroleum Producers Organisation (APPO) has said that the establishment of Dangote Oil Refinery will bring about a 36 per cent reduction in the importation of petroleum productions into the continent.<\/p>\n","protected":false},"author":6,"featured_media":27829,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[5085],"coauthors":[2391],"class_list":["post-55493","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-dangote-refinery"],"yoast_head":"\nDangote Refinery To Reduce Africa\u2019s Petroleum Importation By 36%, Says APPO \u00a0\u00a0 - National Wire<\/title>\n<meta name=\"description\" content=\"African Petroleum Producers Organisation (APPO) has saAfrican Petroleum Producers Organisation (APPO) has sa\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/dangote-refinery-to-reduce-africas-petroleum-importation-by-36-says-appo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dangote Refinery To Reduce Africa\u2019s Petroleum Importation By 36%, Says APPO \u00a0\u00a0 - 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