The President of Dangote Group, Aliko Dangote, says the company rejected attempts by the Nigerian National Petroleum Company Limited to increase its stake in the Dangote Petroleum Refinery.
Speaking in an interview, Dangote said the decision was taken to allow more Nigerians own shares in the refinery ahead of a planned initial public offering. NNPC acquired a 7.25 per cent stake in the refinery in 2021 for one billion dollars, after reducing an earlier plan to purchase 20 per cent.
Also Read: Petrol Imports Drop 60% as Local Refining Rises
Dangote also disclosed that the refinery is now processing 661,000 barrels of crude oil per day, above its installed capacity of 650,000 barrels daily. He said the company currently sources more than half of its crude supply from Nigeria, while additional supplies come from Angola, Libya and the United States.
Leave feedback about this
You must be logged in to post a comment.