Audio By Carbonatix
Nigeria's Dangote refinery, Africa's largest, has increased exports of gasoline and urea to African countries hit by supply disruptions caused by the Iran war, its owner Aliko Dangote said on Monday.
Dangote said the refinery, which is operating at its maximum capacity of 650,000 barrels a day, had helped cushion the full impact of the crisis in Nigeria and across the continent.
"What I can do is assure Nigerians ... and most of West Africa, Central Africa, and East Africa, we have the capacity to supply them," Dangote said during a tour of the refinery on the edge of commercial capital Lagos.
He said the facility had shipped some 17 cargoes of gasoline to other African nations , and exports of urea fertiliser had also recently risen, as buyers sought alternative sources of supply.
"In the last couple of days, we've been looking at mostly African countries, which we were not doing before," he said, referring to the fertiliser shipments, without giving figures.
The refinery has the capacity to produce up to 3 million metric tons of urea annually, most of which is typically exported to the United States and South America, officials say.
Fuel prices in oil-producing Nigeria have reached record-high levels, industry figures show, as maximum output from Dangote refinery has not offset the impact of high crude prices.
Dangote said the refinery hoped to get more crude cargoes priced in local currency to help curb fuel costs.
Two trade sources and a refinery official told Reuters last week that state oil firm Nigerian National Petroleum Company was allocating seven May cargoes for Dangote refinery, up from five in previous months.
Latest Stories
-
US donates military equipment to Ghana Armed Forces to boost defence capabilities
5 minutes -
Accra Reset aims to bridge gap between health commitments and service delivery – Nana Oye Bampoe Addo
6 minutes -
Bagbin hails NIB turnaround as book on bank’s recovery is launched
8 minutes -
Ghana Navy participates in African Maritime Forces Summit in Morocco
15 minutes -
GNFS intensifies fire safety education in Eastern Region communities
16 minutes -
BoG, GoldBod finalising new financing model to reduce pressure on central bank balance sheet
20 minutes -
Michelin-starred restaurateur faces jail for using ants as dessert garnish
25 minutes -
The evidence that jailed Wontumi was built by NPP – Mustapha Gbande
30 minutes -
Africa can no longer rely on foreign aid for healthcare – Deputy Health Minister
40 minutes -
COCOBOD’s shift to local market financing is the right move – BoG
43 minutes -
Minority labels economy a ‘galamsey economy’, questions government’s growth claims ahead of budget review
44 minutes -
Joy FM’s Showbiz Roundtable to assess Mahama administration’s performance in tourism, culture and creative arts
45 minutes -
Finance Ministry must fund GoldBod operations after BoG exit – Economist
45 minutes -
BoG to sell remaining stakes in ADB, NIB – Dr. Asiama
54 minutes -
Ghana, Netherlands deepen security cooperation to combat organised crime and drug trafficking
56 minutes