THE Organisation of Petroleum Exporting Countries has said the refinery being built by Dangote Group is expected to reduce the need for fuel imports in West Africa. OPEC, in the current edition of its World Oil Outlook, noted that the refinery would refine as much as 650,000 barrels of crude oil per day.
The exercise, flagged–off by an elated Maikanti Baru, group managing director of the Nigerian National Petroleum Corporation, NNPC, at a formal kick–off meeting in the premises of the refinery in Port Harcourt, came 19 years after the last turn around maintenance, TAM, exercise of the nation’s premier refining plant.
Mr Mohammed Sidi, Director, Weights and Measures Department, Federal Ministry of Industry, Trade and Investment, says that oil dealers have been cheating Nigerians of N198,500 per truck sold. Sidi said this in Abuja on Wednesday during a surveillance activity of the department to some fuel stations.
Nigeria, in January and February, imported a total of 986, 492 metric tonnes of petroleum products representing 1,387,410,984.2 litres of fuel, data from the Nigerian Ports Authority Shipping Position revealed. Frozen fish topped the nation’s imports for the month of February, as the country reportedly imported 2.463 million metric tonnes of the product in the month under review.
Okri explained that despite the fact that Nigeria is not one of the top ten oil producing countries in the world right now, Nigeria is one of the top ten cheapest selling countries in the world. "This is coming on the heels of international reports that petrol now sells for an equivalent of N1204 per litre and diesel N1135 in Zimbabwe. The five countries listed in the report with a better price per litre of Petrol than Nigeria are Venezuela ($0.01), Sudan ($0.13), Iran ($0.29), Kuwait ($0.34), and Algeria ($0.35).
Mr Rama Putta, the Head of Quality Assurance/Quality Compliance and Construction, DORC, made this known on Sunday in Lagos. The News Agency of Nigeria (NAN) reports that Fluid Catalytic Cracking (FCC) is one of the most important conversion processes used in petroleum refineries. It is widely used to convert the high-boiling, high-molecular weight hydrocarbon fractions of petroleum crude oils into more valuable gasoline, olefinic gases, and other products.
Dangote Refinery is investing in producing Euro V fuel to help Nigeria meet the European standard of petrol.
Human rights lawyer, Femi Falana (SAN) yesterday said about 60.2 million barrels of crude oil were stolen from the country between 2011 and 2014.