Dangote Oil Refinery: The $20.5 Billion Menace Europe Didn’t See Coming – For many years, Europe’s oil business reigned supreme, exporting billions of {dollars} price of refined petroleum to Africa. However what occurs when a single refinery in Lagos begins to rewrite the principles of worldwide oil commerce? The reply: a transformative upheaval that’s already sending ripples via the European gasoline market and difficult longstanding dynamics.
Welcome to the period of the Dangote Refinery, a $20.5 billion game-changer owned by Aliko Dangote, Africa’s richest man. This monumental facility, which started operations in December 2023, boasts a staggering refining capability of 650,000 barrels per day—leapfrogging Europe’s largest refineries, such because the Pernis Refinery within the Netherlands (404,000 barrels per day) and Italy’s ISAB Refinery (360,000 barrels per day). With this facility, Africa’s potential as a refining powerhouse is now not a distant dream however a tangible actuality reshaping world power dynamics
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