• Home
  • Radio
  • TV
  • Advertisement
  • Disclaimer
  • Public Notice
    • Opinion
  • New Africa Business News
  • Contact
  • Log In
facebook
    • News
    • Business
    • Video
    • Entertainment
    • Sport
    • Jobs
    • Government
    • Immigrants
    • Investment
    • Gallery
      • Animal
      • Africa Map
    • NGO
    BREAKING NEWS
    AfDB President Dr. Akinwunmi Adesina has underscored the significance of Africa Restraining its Reserves and Manufacturing Lithium Batteries for Electric Vehicles to be part of the Global Electric Vehicle Revolution
    African Development Bank’s 2023 African Economic Outlook Projects Africa to Become the Second-Fastest Growing Region After Asia
    Ambassador Albert Muchanga African Union Commissioner for Trade And Industry – exhorted African Administrations to Marshal Mobile Domestic Finance by ways to carry out AU’s Agenda 2063
    African Nations Exhorted to take on Modern Sustainable City Planning to enable Stave Off Prospective Emergencies
    South Africa’s Informal Economy Shows Signs of Movement to Switch toward Cashless Economy, Study
    $11.70 million Expended by the Africa Development Bank to Facilitate Access to Fertilizers for African Agricultural Producers
    TRANSCO – CLSG wields Impressive Coordination Meetings for the Development of the Gambia River
    650,000 BPD Dangote Petroleum Refinery and Petrochemicals plant Commissioned by Erstwhile Nigeria’s President Buhari
    …Curtail the usage of Charcoal and save the Environment Immense Liquefied Gas Depot opened in Tanga City of Tanzania
    $3.5 Billion in reimbursements to White Agriculturalist by the African Development Bank as Financial Instruments to “Fast Track and Front Load” to White Agriculturalist land…was taken from them by the Zimbabwe Administration President of AfDB disclosed

    Aliko Dangote’s $19 Billion Integrated Petrochemical Oil Refinery Complex is rescheduled to start Operations in Mid 2023

    Posted On 09 Sep 2022
    By : New Africa Business News, Staff Correspondent
    Comment: 0

    By Abdul Rahman Bangura–

    Photo Credit: Pulse

    NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone – The announcement was made by the Nigerian National Petroleum Company (NNPC), Nigeria’s only entity licensed to operate in the petroleum industry.

    The information was made by the Nigerian National Petroleum Company (NNPC) two months after Dangote Industries Limited opened an application to raise N300 billion ($723 million) in a bid to finance the group’s integrated petrochemical complex.

    Mele Kyari – CEO of NNPC stated the timeline for the petrochemical complex activities, stating Projection is the first quarter, but we think it can come up by the middle of next year.”

    The refinery project has been long hampered by a number of several issues including lack of access to foreign currency, an ailing economy, and the COVID-19 pandemic, that disrupted supply chains and hampered the shipping of refinery equipment. Most recently, it also suffered from a lack of financing, which was resolved through N300 billion ($723 million) in medium term debt funding.

    The NNPC, which owns a 20% shares in the integrated refinery and petrochemical complex, stated that it was firstly rejected to provide crude oil to the facility.

    Thus, due to anticipated challenges in the nation’s energy transition, the corporation secured the right to supply crude oil for 33,000 barrels at a minimum for the next 20 years, as well as access to 20% of the plant’s output.

    In keeping with this decision, Kyari told, the NNPC will stop importing refined goods next year once the 650,000-barrel-per-day refinery is operational. After completion, the refinery’s pipeline infrastructure will be the world’s largest vertically integrated plant, processing 540,000 barrels of Nigerian oil per day in the first phase of operation and increasing to 650,000 barrels per day afterwards.

    The $19-billion refinery is expected to supply 100% of Nigeria’s demand for all after having an increase of each of these products for export, creating a market for $11 billion in Nigerian petroleum products each year. 

     

    For New Africa Business News (NABN) Abdul Rahman Bangura Reports,  Africa Correspondent

    About the Author
    New Africa Business News Staff Correspondent
    • google-share
    Previous Story

    British Prime Minister Liz Truss Appointed Kwasi Kwarteng as Britain’s First Black Finance Minister and James Cleverly as the First Black Foreign Minister

    Next Story

    Zimbabwe’s Cyber City Project featured to be the New capital City

    Leave a Reply Cancel reply

    *
    *

    Members Area

    • Members Log In

    RECENT

    POPULAR

    COMMENTS

    AfDB President Dr. Akinwunmi Adesina has underscored the significance of Africa Restraining its Reserves and Manufacturing Lithium Batteries for Electric Vehicles to be part of the Global Electric Vehicle Revolution

    Posted On 02 Jun 2023

    African Development Bank’s 2023 African Economic Outlook Projects Africa to Become the Second-Fastest Growing Region After Asia

    Posted On 01 Jun 2023

    Ambassador Albert Muchanga African Union Commissioner for Trade And Industry – exhorted African Administrations to Marshal Mobile Domestic Finance by ways to carry out AU’s Agenda 2063

    Posted On 30 May 2023

    New Africa Business News, Africa Leader of the Year 2022-2023 Goes to Ethiopia's Prime Minister Dr. Abiy Ahmed

    Posted On 24 Feb 2023

    New Africa Business News 2022-2023 Person of The Year Goes to Professor Patrick Loch Otieno Lumumba (PLO Lumumba)

    Posted On 05 Jan 2023

    New Africa Business News, Person of the Year 2021-2022, Goes to African Women

    Posted On 29 Jan 2022

    Thanks for reading, Africa’s fastest...

    Posted On 26 Feb 2023

    Thanks for reading, Africa’s fastest...

    Posted On 26 Feb 2023

    Thanks for reading, Africa’s fastest...

    Posted On 26 Feb 2023

    Facebook

    Latest Posts

    AfDB President Dr. Akinwunmi Adesina has underscored the significance of Africa Restraining its Reserves and Manufacturing Lithium Batteries for Electric Vehicles to be part of the Global Electric Vehicle Revolution

    African Development Bank’s 2023 African Economic Outlook Projects Africa to Become the Second-Fastest Growing Region After Asia

    Ambassador Albert Muchanga African Union Commissioner for Trade And Industry – exhorted African Administrations to Marshal Mobile Domestic Finance by ways to carry out AU’s Agenda 2063

    Recent Posts

    • AfDB President Dr. Akinwunmi Adesina has underscored the significance of Africa Restraining its Reserves and Manufacturing Lithium Batteries for Electric Vehicles to be part of the Global Electric Vehicle Revolution
    • African Development Bank’s 2023 African Economic Outlook Projects Africa to Become the Second-Fastest Growing Region After Asia
    • Ambassador Albert Muchanga African Union Commissioner for Trade And Industry – exhorted African Administrations to Marshal Mobile Domestic Finance by ways to carry out AU’s Agenda 2063
    • African Nations Exhorted to take on Modern Sustainable City Planning to enable Stave Off Prospective Emergencies
    • South Africa’s Informal Economy Shows Signs of Movement to Switch toward Cashless Economy, Study

    Categories

    • Business
    • Education
    • Entertainment
    • Featured
    • Government
    • Immigrants
    • Investment
    • News
    • NGO
    • Obituary
    • Opinion
    • Public Notice
    • Sport
    • Video

    Tag Cloud

    african economy business africa

    Contact Form

    1. Name *
      * Please enter your name
    2. Email *
      * Please enter a valid email address
    3. Message *
      * Please enter message
    Copyright 2019 New Africa Business News, Inc. A Global International Company, Inc. All Rights Reserved.