*Oil facility refines estimated 45m barrels so far
*Africa must lead its own energy future, declares Lokpobiri
Vitol Group, Trafigura Group and BP Plc are the dominant buyers of fuels from Nigeria’s giant new Dangote oil refinery near Lagos that’s reshaping petroleum trading in Africa and Europe, Bloomberg reported yesterday.
The trio have accounted for the vast majority of the plant’s shipments since flows began ratcheting up around the middle of this year, according to data from Precise Intelligence, a new oil-and-gas trading analytics firm based in Geneva.
Once it’s fully up and running, Dangote should be able to process about 650,000 barrels a day of crude into products including gasoline and diesel.
That will far exceed the fuel-making capacity of any single plant in Europe or Africa, helping to reshape the regions’ oil and fuel trading. The emergence of Dangote has already trimmed a glut of Nigerian crude, it said.
Since starting up, the refinery has loaded almost 6 million tons of fuel, Precise’s data showed. That’s equivalent to almost 45 million barrels. Loading rates averaged about 35,000 tons a day in October, its data added.
Dangote itself said late last month that the refinery had reached processing rates of about 420,000 barrels a day of crude. The plant is also selling into the Nigerian market.
Vitol and Trafigura declined to comment. Dangote and BP didn’t respond to requests to comment, Bloomberg stressed.
The composition of fuel cargoes loading from Dangote is closely watched because it offers clues into where the refinery is at in terms of starting up different processing units.
Precise’s figures show that automotive gasoil — diesel — is the biggest cargo type being lifted, followed by fuel oil. Together, they account for more than 60 per cent of what’s being collected from the plant. Other fuels include gasoline or petrol and jet fuel.
Meanwhile, the Minister of State for Petroleum (Oil), Senator Heineken Lokpobiri, has highlighted Africa’s pivotal role in defining its own energy future.
Speaking on the topic: “Global Energy Security: The Imperative of Africa’s Energy Development,” at the opening panel of Africa Energy Week (AEW), he asserted that African-led initiatives are essential for achieving true energy security across the continent.
The minister stressed the importance of Africa shaping its own energy policies and priorities, free from external pressures to conform to global energy transitions at the expense of its own urgent needs, the statement added.
“Africa cannot be compelled to undergo a rushed energy transition dictated by external trends. Our path will be one we chart ourselves, with a focused effort to first address the continent’s immediate energy challenges,” he argued.
The minister noted that Africa holds approximately 12 per cent of the world’s oil reserves and 7 per cent of its natural gas, yet over 600 million Africans lack access to electricity.
He emphasised Africa’s dual role in both powering industrial growth and alleviating energy poverty, stressing that the continent’s energy wealth must benefit its own people first.
To support this vision, Lokpobiri spotlighted the recent establishment of the Africa Energy Bank (AEB), an institution created to provide funding that aligns with Africa’s specific energy needs.
With the bank headquartered in Nigeria, African nations, he said, now have a unique mechanism to secure financing for energy projects tailored to their developmental goals, reducing dependency on foreign financing.
Global energy trends, he noted, present substantial investment opportunities for Nigeria and Africa at large.
“We invite global investors to consider the vast potential within Nigeria’s oil and gas sector,” Lokpobiri said, outlining lucrative prospects in upstream exploration, midstream infrastructure development, and downstream facilities.
By investing in these areas, he suggested that partners can support Nigeria’s energy transformation goals, stimulate job creation, and promote sustainable growth.
The minister commended APPO’s collaborative approach, which aims to foster a resilient, self-sufficient African energy sector.
He expressed confidence that Africa, with its abundant oil, gas, and renewable resources, is well-positioned to become a green energy hub.
With Africa’s vast solar, wind, and hydro resources, the continent, he said, has the potential to power not only its local markets but also to contribute to global energy stability.
“Africa can lead in renewable energy while also responsibly managing its oil and gas resources,” he affirmed.
Lokpobiri urged African governments and private sector players to capitalise on the current global energy trends and embrace the vast investment opportunities they bring.
He emphasised the need for a unified regulatory framework that would facilitate cross-border energy projects and strengthen investor confidence.
“Africa is poised to build a secure, sustainable, and prosperous future. To our global partners and investors, I extend an open invitation: join us in shaping the energy future of tomorrow,” he said.
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