Multi-billion dollar conglomerate Dangote Group has diversified to with US$12 billion oil Refinery which is expected to be the largest in the world. To be located in Lagos, the refinery is expected to be fully operation in 2019 with a capacity of 650, 000 barrel of oil per day.
The oil plant will also have the largest sub-sea pipeline infrastructure in the world with the capacity to handle 3 billion cubic metres of oil.
Once the refinery commences full operations it is set to benefit a lot of countries including Zambia in the imports of the commodity. The CEO Mr. Putta said that the project, which is located in Likke Free Trade Zone in Lagos was in three phases with the first to be ready by the end of this year.
The second phase in which will entail actual construction will end in 2018 and the commencement of operation of the refinery in 2019.
The project is expected to create 60 000 jobs for local Nigerians and 24 000 staff will be accommodated by the company.
The plant is also expected to increase Nigeria is foreign exchange by $5.5m and reduce imports of oil by $7.5m per year. The plant that stands on more than 2000Ha of land would be environmentally friendly.
Mr Putta said the land has been claimed from the swampy area after they spread sand obtained from the Antlantic Ocean using a huge ship from Brazil that ferried the sand to the mainland. He further explained that the company was adhering to strict safety standards and guidelines and that no accident was so far recorded.
Furthermore, most of the equipment to be used by the plant are currently under construction in different countries, with 70 % of the cranes to be used have been procured. The fertilizer plants, which will the largest in the region, would have a production of three million tonnes per annum.