By Abdul Rahman Bangura –
NEW AFRICA BUSINESS NEWS ( NABN ) Freetown, Sierra Leonne- Africa’s richest man – Aliko Dangote of Nigeria, will initiate an exhibition of oil from identical purchases he snaps up from Royal Dutch Shell Plc in July, expanding a fresh surge of revenue to a fast-paced broadening of Edwin conglomerate.
Devakumar Edwin – Dangote’s Group Executive Director asserted that Dangote is toiling with Chinese and Malaysian contractors and has finalized an improvement proposal for the Kalaekule lawn on its Oil Mining Lease 72 asset. Apparently, job will similarly moves to a sketchy KI discovery on Block 71 – a small shallow water asset in South-Eastern Niger River Delta.
“We are looking at the first phase of 20,000 barrels a day but our objective is to expand it to 100,000 barrels a day for the two-blocks.
“If everything goes well, we can do that in 12 to 15 months because we are already doing the 3D seismic studies,” Edwin noted.
The revenue from the fields is predicted to feed Dangote’s tete-a-tete constructed refinery, which is perceived to commence work earlier 2021 with 650,000 barrels a day. The group’s central publicly-available enterprises are Dangote Cement, Dangote Sugar, Dangote Flour Mills, and Nascon Allied Industries. The group ad-lib about one-third of the market capitalization of the Nigeria Stock Exchange.
For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent
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