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Dangote refinery petrol production affecting European markets – OPEC

Published

1 year ago

January 16, 2025

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The Organisation of the Petroleum Exporting Countries says the Dangote Petroleum Refinery and its efforts to ramp up Premium Motor Spirit (petrol) production are impacting the PMS market in Europe.

The 650,000-capacity Dangote refinery, which began operations in January last year, started producing PMS in September, years after the country had relied solely on importation for its fuel needs.

Since it started production, the refinery has exported petrol, diesel, and aviation fuel to other countries within and outside Africa.

A report by OPEC on Wednesday stated that the emergence of Dangote refinery has reduced the importation of petroleum products from Europe to Nigeria.

“The ongoing operational ramp-up efforts at Nigeria’s new Dangote refinery and its gasoline (petrol) exports to the international market will likely weigh further on the European gasoline market.

“Continued gasoline production in Nigeria, a country that has relied heavily on imports to meet its domestic fuel needs in the past, will most likely continue to free up gasoline volumes in international markets which will call for new destinations and flow adjustments for the extra volumes going forward.

”In the last quarter of 2024, OPEC said “imports also declined, particularly oil product imports, improving the outlook for the external sector.”

The report stated that the gasoline crack spread in Rotterdam against Brent increased slightly on healthy exports although gasoline inventories at the Amsterdam-Rotterdam-Antwerp storage hub remained high.

It added that the gasoline inventory builds are expected to extend into the coming month amid a lengthening gasoline balance in the Atlantic Basin due to winter-season demand-side pressures.

OPEC maintained that the ongoing recovery in gasoline refinery output levels will likely exacerbate the already bearish market sentiment.

Meanwhile, the Monthly Oil Market Report disclosed that the average daily crude production in Nigeria hit 1.507 million barrels in December, according to data OPEC got from secondary sources.

It was said to have risen by 12,000bpd, from 1.477mbpd in November.However, the figure supplied by the government was 1.485mbpd for December.

This aligns with that of the Nigerian Upstream Petroleum Regulatory Commission.

Recall that the Dangote refinery was ranked above the 10 biggest refineries in Europe because of its capacity, according to data compiled by Bloomberg.

The $20bn Dangote refinery can refine 650,000 barrels of petroleum products per day.

The report stated that this is over 246,00bpd capacity more than Shell’s Pernis refinery located in the Netherlands.

It added that the Pernis refinery has an installed capacity of 404,000bpd the biggest in Europe. The BP Rotterdam in the Netherlands has 380,000 capacity.

Bloomberg also said the GOI Energy ISAB refinery in Italy was built with a refining capacity of 360,000bpd.

Also, the TotalEnergies Antwerp refining facility in Belgium can refine 338,000bpd.

Others listed in the report were the Orlen Plock refinery in Poland with 327,000bpd; Shell’s Rheinland in Germany with 327,000bpd; Miro refinery in Germany has 310,000 capacity and the ExxonMobil Anterwep refinery in Belgium with 307,000 capacity.

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Tony Elumelu’s United Capital Secures approval to operate in Ethiopia

Elumeu lauded the transformational Prime Minister of Ethiopia, His Excellency @AbiyAhmedAli , for promoting economic reforms and regional cooperation, the Director General of Ethiopian Capital Market Authority @CMAEthiopia , Ms. Hana Tehelku, and the team at @UnitedCap on this landmark achievement.

Published

7 hours ago

June 9, 2026

OCHEFA

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United Capital Group has again secured regulatory approvals to commence operations in Ethiopia.

Its Chairman, Tony Elumelu, broke the news on Tuesday, via his official X.

” This development is particularly noteworthy because Ethiopia only recently opened its financial sector to foreign participation, making United Capital’s entry a historic step for both the company and the ongoing integration of African capital markets,” said Elumelu.

Last month, United Capital commenced operations in Rwanda, marking its formal entry into East Africa and reinforcing its ambition to build a leading continental financial services institution.

The Group’s newly established entities include United Capital Trustees Rwanda Limited, licensed to provide trusteeship services, and United Capital Financial Services Rwanda Limited, licensed to offer investment management services, including portfolio management, investment advisory, capital mobilisation, capital market advisory, and fund management solutions.

With this development, United Capital now operates in 11 countries, including Nigeria, with a strong presence in key African markets, a recent expansion into the eight countries within the West African Economic and Monetary Union (WAEMU) region, alongside a growing footprint in East Africa.

According to Elumelu, African institutions are increasingly leading, competing, and succeeding across the continent.

For decades, Africa witnessed foreign capital flowing in while profits largely flowed out.

That narrative is beginning to change.

This is Africapitalism in action — a vision that recognizes the importance of both indigenous and international capital working together to finance Africa’s development and unlock shared prosperity.

Business

Lagos developing world – class new business district —Sanwo-Olu

Sanwo-Olu said Lagos was deliberately building a globally competitive economy driven by innovation, infrastructure and private-sector participation.

Published

10 hours ago

June 9, 2026

OCHEFA

19 Views

• Invest Lagos Summit 3.0: Secretary to the Lagos State Government, ‘Bimbola Salu-Hundeyin (right); Member, House of Representatives, Kafilat Ogbara; Commissioner for Innovation, Science and Technology, Tunbosun Alake; Chairman, Commonwealth Enterprise & Investment Council (CWEIC), Lord Jonathan Marland; Vice President Kashim Shettima; Governor of Lagos State, Babajide Sanwo-Olu; his Deputy, Dr. Obafemi Hamzat; Commissioner for Commerce, Cooperatives, Trade & Investment, Mrs Folashade Bada Ambrose-Medebem; Deputy Chief of Staff to the Governor, Sam Egube, Dr Toyosi Akerele-Ogunsiji and members of the State Executives Council at the opening of Invest Lagos 3.0, themed: “Lagos – The Business Gateway to Africa”, in Lagos, yesterday.

Lagos State Governor, Babajide Sanwo-Olu, has disclosed that as part of efforts to deepen access to global capital, his administration is developing the Lagos International Financial Centre (LIFC), envisioned as a world-class financial district that would strengthen the state’s position as a gateway for investment into Africa.

Speaking yesterday at the third edition of the Invest Lagos Summit, attended by Vice President Kashim Shettima, other governors, foreign investors, development finance institutions and business leaders, Sanwo-Olu said Lagos was deliberately building a globally competitive economy driven by innovation, infrastructure and private-sector participation.

Sanwo-Olu said that the state had recorded significant economic progress in recent years through targeted reforms across transportation, digital infrastructure and industrial development.

Highlighting key infrastructure achievements, Sanwo-Olu cited investments in road networks, waterways and rail transportation, describing them as critical enablers of economic growth and investor confidence.

The governor noted that Lagos was increasingly serving as a gateway to African markets and global capital, positioning itself at the centre of continental trade under the African Continental Free Trade Area (AfCFTA).

According to him, Lagos remains one of the continent’s most strategic economic hubs, with a population exceeding 25 million and a gross domestic product steadily approaching the $300 billion mark.