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Nigeria celebrates the launch of Africa's largest oil refinery

Nigeria's first private oil refinery, the Dangote Petroleum Refinery, has started production of diesel and aviation fuel. The $19 billion plant, which can produce 650,000 barrels per day, is a game-changer for Nigeria and the region. 

The private refinery, owned by Nigerian industrialist Aliko Dangote, is the world's largest single-train refinery. It will boost Nigeria's domestic refining capacity. It is located near Lagos, Nigeria's economic hub. The facility, which opened last year, is the world's largest single-train refinery.

The state oil firm, NNPC Limited, supplied 6 million barrels of crude to the plant, which started its operation recently. The refinery, which is the world's largest single-train facility, will achieve full capacity in a few months, analysts say. The new plant will lower the gas prices for the citizens, who have been paying three times more since the government ended the subsidies last year.

The refinery will help stabilize the fuel prices, which are influenced by various factors. These include the global crude market, the government policies, and the exchange rate of the local currency. Analysts have said this.

Source : Nigeria celebrates the launch of Africa's largest oil refinery
Posted On: 1/19/2024 12:00:00 AM

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