Dangote Refinery intends to establish a terminal in the Caribbean to export petroleum products to nations in the North American continent
This was disclosed by CEO of the Dangote refinery, Aliko Dangote on Wednesday at Afreximbank’s Trade and Investment Forum in The Bahamas, according to nairamtrics.
According to Dangote, the business can readily provide the area with petroleum products in 18 to 20 days.
He said the company would build the terminal for the export of its petroleum products by signing a bilateral agreement with the area.
“I know the price in the Caribbean in terms of petroleum products is very high. We produce it cheaply. We can always bring it here. We can set up a terminal and we’ll be able to fix their needs.
“We will have a bilateral agreement with them and also bringing in stuff from there is not more than 18 to 20 days maximum. And then we need to set up a terminal.
“Once we set up a terminal, they will have a very cheap oil. They will have cheap energy. And by having cheap energy, their economy will grow faster,” Dangote said.
Furthermore, he stated that the conglomerate is looking to invest in cement as well as petroleum products in the area.
The business mogul said the company can currently produce about 52 million tons of cement, and by the end of the next year, that number will rise to almost 62 million tons.
He added that the firm can meet the demand of the Caribbean market, creating a win-win situation for both parties.
“It’s not only about the oil. We now have a capacity of almost 52 million cement capacity. By the end of next year, we will be at 62 million of cement capacity. We are not only saying that we can bring in from Nigeria or Africa.
“If they have limestones, we can also produce what can satisfy them. We’ve done that before in Africa and we should be able to free them up from the shackles of other people.
“If we the ingredients like the limestones etc, it’s a 28 months maximum. They can all be self-sufficient. It will be a win-win between us and them,” Dangote said.
The Dangote refinery with a 650,000-barrel refining capacity in optimal production is expected to reduce Nigeria’s over-reliance on imported petroleum products
