Aliko Dangote, CEO of the Dangote Oil Refinery, has refuted claims that he could purchase one of Nigeria?s rundown refineries in his endeavor to increase his refining capacity to 1.4 million barrels per day.

Last week, Aliko Dangote made known his intentions to increase his oil production capacity at the Dangote Refinery from 650,000 barrels per day to 1.4 million barrels per day.

If actualized, it would make the Dangote Refinery the largest oil refiner in the world, edging out the 1.36 mbpd refinery in Jamnagar, India.

?We have to build the refinery again, either here or somewhere else. But really, somewhere else is not possible because we?d have to go and spend so much building infrastructure, and we have the infrastructure already here,? Dangote said at the time.

This objective has led to speculation that Dangote may acquire and rehabilitate one or two of the country's dilapidated refineries.

However, Dangote has put down the idea, noting that it could engender the narrative that he is trying to secure a monopoly, a sentiment he rejects.

What Dangote said

?Buying those refineries? Once we touch them, you will hear a lot of noise.

There are other people with a lot of money, maybe more cash than we have, who we believe should go and try their own luck, so that there won?t be talk about monopoly,? the billionaire stated.

?There will be talk about other people having opportunities. And I think we have a group like DAPPMAN; they should go and buy some of the refineries.

If they are not for sale, then they should actually go and put up their own refinery. So, I think it is far better for other people to go and buy, so we will not be the only ones supporting Mr President?s policy,? he added.

As seen in the Punch, he mentioned that the blueprint for what he is trying to achieve has already been laid out, and as such, the lack of a need to acquire one of Nigeria?s refineries.

?For us, we already have our own infrastructure, and we want to double our capacity rather than going somewhere else. We already designed it that way anyway. It is just that we said, ?Fine, let us start.

If the condition is conducive, we will go ahead and double our capacity.? And that is what we are doing. We are actually more than doubling a bit. We are going to 1.4 million from 650,000,? he stated.

?So, I think there are thirty people that have this sort of idea of either working in partnership with the NNPC to revive those refineries, which will help.

All of us will have to contribute our quota to be able to achieve that $1tn economy. It does not come that easily. So, we are doing our own, and I believe others should do theirs too,? Dangote continued. (Business Insider Africa)

Update news