Following the announcement that the Dangote Refinery had started production, investors in the Dangote Group shares saw a gain of N514 billion on Tuesday.
Investors eager to buy equities from the information-sensitive Dangote Group have flocked to Nigerian Exchange Limited.
After the Dangote refinery announced a production increase, the three Dangote Group entities traded on the NGX experienced a N513.69 billion increase in their combined market capitalization on Monday.
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The 650,000-barrel-per-day refinery was seen in a video that had previously gone viral on social media. On Saturday, the refinery announced that it had started producing.
Aliko Dangote, President/Chief Executive of Dangote Group, called it “an important achievement for our country as it demonstrates our ability to develop and deliver large capital projects” and “a game changer.”
The statement addressed the question of when it will be available in the Nigerian market by stating that, subject to regulatory approval, it will be available in the country’s oil market by the end of January.
It stated that the refinery, which is situated 25 kilometers offshore at two single-point moorings, has already received six million barrels of crude oil. According to the statement, the first delivery of crude oil was made on December 12, 2023, while the sixth shipment was made on January 8, 2024.
The refinery has truck-loading gantries that can handle 2,900 trucks per day, and its output complies with Euro V regulations. By utilizing cutting-edge technology, the refinery design conforms with emission/effluent regulations set forth by the nation’s oil regulator, the US EPA, the World Bank, and Europe.