Dangote Refinery Ranked Above Top 10 Largest Refineries In Europe
dangoteA prominent financial data and media company, Bloomberg, has recently ranked the Dangote Refinery in Nigeria higher than the top 10 largest refineries in Europe.
Based on the recent data compiled by the news platform, the Dangote Refinery boasts a greater capacity than many refineries in Europe.
Situated in the Lekki-Epe Expressway, Lagos State, the Dangote Refinery, worth $20 billion, can refine an impressive 650,000 barrels of petroleum products daily.
Bloomberg report obtained by journalists on Thursday highlights that this capacity surpasses that of Shell’s Pernis Refinery in the Netherlands by over 246,000 barrels per day. It further states that the Pernis Refinery, with an installed capacity of 404,000 barrels per day, is currently the largest in Europe.
Meanwhile, the BP Rotterdam Refinery in the Netherlands has a capacity of 380,000 barrels per day.
Bloomberg reported that Italy’s GOI Energy ISAB Refinery was constructed with a refining capacity of 360,000bpd.
Furthermore, the TotalEnergies Antwerp refining facility in Belgium can refine 338,000bpd.
Other refineries mentioned in the report include the Orlen Plock Refinery in Poland, which has a capacity of 327,000bpd; Shell’s Rheinland in Germany, which has a capacity of 327,000bpd; Miro Refinery in Germany, which has a capacity of 310,000; and the ExxonMobil Antwerp Refinery in Belgium, which has a capacity of 307,000.
The Saras Sarroch Refinery in Italy was noted to have a capacity of 300,000, while the ExxonMobil Fawley in England has a capacity of 270,000bpd.
The Bloomberg report highlighted the Dangote Refinery as a ‘game changer,’ leveraging cheaper US oil imports for a significant portion of its feedstock as it commences operations.
Analysts have observed that the refinery has been shipping products in recent weeks and is preparing two units to enhance petrol output, which is anticipated to revolutionize the fuel market in Nigeria and the surrounding region.
“Dangote is going to influence Atlantic Basin gasoline markets this summer and for the rest of the year,” an oil expert, Alan Gelder, reportedly told Bloomberg.
The refinery is currently operating at approximately 300,000 barrels per day, nearly half of its total capacity, as per the average estimate of analysts at WoodMac, FGE, and Citac.
The facility has commenced shipping jet fuel, diesel, and naphtha, expanding its product range to include all three.
According to Reuters, the Dangote oil refinery has the potential to end the long-standing petrol trade from Europe to Africa, valued at $17 billion annually.
Citing analysts and traders, Reuters highlighted that the Dangote refinery is exerting pressure on European refineries already facing the risk of closure due to increased competition. Upon reaching full operational capacity, it is projected to become the largest refinery in both Africa and Europe.
In 2023, approximately one-third of Europe’s average petrol exports of 1.33 million barrels per day were destined for West Africa, with Nigeria being the primary recipient, as reported by Reuters referencing Kpler data.
Dangote Refinery has initiated the sale of diesel in the Nigerian market, leading to a significant drop in pump prices from N1,600 to N940 in less than a month.
