admin Aliko Dangote is the richest businessman in Africa and he is planning on entering the oil production and export business. He revealed that the plan is to produce 100,000 barrels daily from assets acquired by him are due to arrive in July and were acquired from Royal Dutch Shell Plc.
His business is growing speedily and the additional income prospect is going to strengthen his portfolio of incomes.
Devakumar Edwin, Executive Director of Dangote Industries Ltd, while talking to an online news channel enunciated that Aliko is in contact with the Chinese and Malaysian contractors and has closed the deal for the Kalaekule field on his Oil Mining Lease.
Edwin later added that the team is going to later work on a small shallow oil asset in south-eastern (great) Niger River delta.
He said: “We are looking at the first phase of 20,000 barrels a day but our objective is to expand it to 100,000 barrels a day for the two blocks. If everything goes well, we can do that in 12 to 15 months because we are already doing the 3D seismic studies.”
The Produce from the fields, according to the plan, is to go to Aliko’s privately set up refinery. This is judged to start working from early 2021, producing 650,000 barrels a day.
The refinery that is in construction will double Nigeria’s refining capacity according to the calculations and will help meet the rising demands for fuels while saving costs.
Edwin in a statement imparted the fact that his company is planning to end Nigeria’s dependency on import of fuel. On the mechanical level, the plant is to complete by December of 2020 and the operations in full-fledge are to start by the middle of 2021. This new income yield is to help Dangote’s entrepreneurial empire in growing. His business is already prevailing in cement, flour and sugar industries.
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