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Dangote Refinery secures $1bn underwriting programme ahead of IPO

The Dangote Petroleum Refinery and Petrochemicals has secured a $1bn underwriting programme as it prepares for a planned Initial Public Offering. According to The PUNCH, the financing arrangement was structured by Marob Strategies and Consulting DIFC Ltd in partnership with Lilium Capital Group. It consists of a completed and funded $600m private placement and an […]

Oil and Gas

Dangote Refinery alone not enough for Africa, says FG

The Federal Government has said the Dangote Refinery alone cannot meet Africa’s growing refined petroleum products needs, urging local and international investors to pour more capital into Nigeria’s refining, midstream and downstream sectors. The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said Nigeria must build on the success of the Dangote Refinery and […]

Aviation

Dangote Refinery remains Europe’s top jet fuel supplier

Dangote Petroleum Refinery & Petrochemicals remained Europe’s largest supplier of imported jet fuel for the second consecutive month in July, accounting for about one-fifth of the continent’s aviation fuel imports. This is according to the latest European import data compiled by global commodities intelligence firm Kpler. The 700,000-barrel-per-day refinery exported more than 400,000 tonnes of […]

featured Finance

Nigerian stocks sustain bullish run on blue-chip demand, Dangote deal

The Nigerian stock market maintained a bullish run Week-on-Week on renewed demand for large-capitalised stocks, pushing the benchmark Nigerian Exchange Limited All-Share Index to 247,357.40 points. The positive reading reflected the stronger investor appetite for selected blue-chip and fundamentally strong stocks, with gains concentrated across the banking, consumer goods and industrial segments. The rally also […]

Business

Dangote Refinery completes $2.5bn equity placement, ahead of IPO

Dangote Petroleum Refinery and Petrochemicals FZE (DPRP or the Enterprise) on Thursday announced the successful completion of its landmark private placement, which achieved 3.7 times subscription relative to the initial offer size and resulted in the issuance and allotment of approximately US$2.5 billion in new equity. This transaction is believed to be Africa’s largest publicly […]

featured Oil and Gas

Dangote Refinery resumes naira petrol sales at ₦1,215/litre

Dangote Petroleum Refinery has resumed gantry loading of Premium Motor Spirit, also known as petrol, in naira after a week suspension, ending uncertainty in the downstream sector over its temporary shift to dollar-denominated sales. Vanguard reported that the refinery has fixed its new ex-depot (gantry) price at N1,215 per litre, representing an increase of N140 […]

Business

Dangote refinery offshore terminal records 1,100 tanker calls

Dangote Petroleum Refinery’s offshore marine terminal has recorded approximately 1,100 tanker calls since commencing operations and currently handles about 75 tanker visits each month. The company said the number of tanker calls is expected to increase to between 900 and 1,000 annually as the refinery ramps up to full capacity. The figures highlight the growing […]

featured Oil and Gas

Dangote Refinery dumps naira, fixes petrol price at $0.779/litre

Dangote Petroleum Refinery has fixed the ex-depot price of Premium Motor Spirit, petrol, at $0.779 per litre, unveiling a new pricing template that also raised the benchmark prices for diesel and aviation fuel following its transition to dollar-denominated transactions. This marks an end to naira payments for the purchase of refined products, which started after […]

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Tanzanian richest bizman eyes $100m stake in Dangote’s E’Africa refinery

Tanzania’s richest businessman, Mohammed Dewji, has expressed his readiness to invest $100m in Aliko Dangote’s proposed $17bn refinery in East Africa, in a move that underscores growing investor confidence in the multibillion-dollar project, according to a Bloomberg report on Friday. Dewji disclosed his interest in an interview, saying he would prefer the refinery to be […]

Business

Dangote’s UAE crude deal may strengthen Nigeria-UAE trade – LCCI

The Lagos Chamber of Commerce and Industry has said the Dangote Petroleum Refinery’s landmark crude oil purchase from the United Arab Emirates could help deepen trade ties between Nigeria and the UAE, while emphasising that the deal is a purely commercial transaction rather than a diplomatic arrangement. The comment follows the refinery’s first-ever purchase of […]

featured Oil and Gas

Dangote Refinery cuts petrol price by ₦1 as brent crude surges

Dangote Petroleum Refinery on Wednesday reduced its ex-depot price of Premium Motor Spirit, known as petrol, by N1 per litre. The price cut came even as diesel prices climbed across several petroleum depots in Lagos, reflecting mixed trends in Nigeria’s downstream petroleum market. Meanwhile, global crude oil prices surged sharply on Wednesday, with international benchmark […]

featured Oil and Gas

Dangote Refinery, marketers cut petrol, diesel depot prices

Nigeria’s downstream petroleum market witnessed another round of price reductions on Monday, with the Dangote Petroleum Refinery and several major fuel marketers lowering depot prices for Premium Motor Spirit, popularly known as petrol, and diesel. This development comes at the backdrop of pressures from the Federal Government as well as growing competition and improving product […]

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