The 650,000 barrels per day (bpd) Dangote Petroleum Refinery, Nigerian National Petroleum Corporation (NNPC) as well as other modular refineries are expected to be the major drivers of Nigeria’s demand for petroleum products, which is projected to grow massively in the nearest future.
The Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, said this at the 15th Oil Trading and Logistics (OTL) Africa Downstream Week in Lagos.
- Odili’s home’s invasion, assault on judiciary – Reps
- NIGERIA DAILY: How To Stop The Rise In The Cost of Commodities
He said NNPC Refineries’ 445,000bpd, Dangote Refinery’s 650,000bpd and the 250,000bpd expected to come from the condensate refineries through the private sector partnership would supply the requirement of Premium Motor Spirit (PMS) needs in Nigeria.
A statement by Dangote Group yesterday said Kyari’s position corroborated that of President of the Dangote Group, Aliko Dangote, who said he was moved to do the refinery project to boost local petroleum supply, the plant employing about 29,000 Nigerians when completed.
Kyari, who was represented by the Group Executive Director, Downstream, NNPC, Adeyemi Adetunji, explained that the diversification of NNPC’s portfolio through acquisition of 20 per cent equity valued at $2.6 billion in the 650,000bpd Dangote Refinery located in the Lekki Free Trade Zone would ensure national energy security and guarantee market for Nigeria’s 300,000bpd.
On gas commercialisation efforts, Kyari said the demand for natural gas could grow about four times over the next decade, increasing from 4.8bn cubic feet per day (bcf/d) in 2020 to between 10 – 23 bcf/d in 2030.