Dangote refinery has been ranked above Europe’s ten largest refineries in capacity, according to a report by Bloomberg.
The $20.5 billion Dangote refinery, owned by Africa’s richest man, has a processing capacity of 650,000 barrels per day.
The refinery, which finally began production in January after facing years of delay, outshines Europe’s largest refinery, the Pernis Refinery, with its installed capacity of 404,000 barrels per day (bpd).
Additionally, the GOI Energy ISAB Refinery in Italy, constructed with a refining capacity of 360,000 bpd, falls short compared to the Dangote facility.
The long-awaited refinery has been hailed as a transformative force for Nigeria and the energy sector across sub-Saharan Africa.
Dangote refinery outranks Europe’s 10 largest refining facilities. Per Bloomberg, the Dangote plant is capitalizing on the affordability of US oil imports, which account for up to a third of its feedstock as it begins operations.
In recent weeks, the plant has been shipping products while preparing two units to facilitate gasoline output.
Analysts expect that this development will bring about a significant transformation in the fuel market, not only in Nigeria but also in the wider region.
However, according to economists, the Dangote refinery might halt the decades-long gasoline trade from Europe to Africa worth $17 billion each year.
The refinery is currently operating at about 300,000 barrels per day, which is nearly half of its nameplate capacity, based on the average estimate provided by analysts at WoodMac, FGE, and Citac.