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Billionaires - November 6, 2022

Why Dangote Will Be Richer than Ever Next Year

Africa’s richest man Aliko Dangote, founder of Dangote Group, will provide over half of Africa’s medium-term refining additions through his $19 billion integrated petrochemical refinery complex, making him richer than his current net worth of $18.6 billion next year.

The Organisation of Petroleum Exporting Countries (OPEC) made the announcement in a report the recently published World Oil Outlook.

The statement was made more than a month after the Nigerian National Petroleum Company (NNPC), announced that the integrated petrochemical refinery complex’s launch date had been moved up to the middle of 2023.

OPEC reported that Dangote’s $19 billion integrated petrochemical refinery complex, with a capacity of 650, 000 barrels per day, will account for half of the continent’s medium-term refining additions, with Africa’s medium-term distillation additions estimated at 1.2 million barrels per day.

This signals that, Dangote could see a massive increase in his net worth next year.

According to OPEC, “In Africa, medium-term distillation additions are estimated at around 1.2 million barrels per day.” 

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Other refining projects in Africa

According to the intergovernmental organisation, the refinery is the largest of all refinery additions anticipated across Africa in the medium term. 

Other anticipated refinery projects in Africa include the 100,000-barrel-per-day in Soyo, Angola, refinery, the 110,000 barrels per day Hassi Messaoud refinery expansion, and the 160,000-barrel-per-day Midor refinery expansion.

Along with helping to fulfil rising demand, these medium-term expansions would also help certain nations import fewer goods. The refinery’s throughput will rise from 1.8 million barrels per day in 2021 to 4.8 million barrels per day in 2045 due to this.

There have been a number of long-standing challenges for Dangote’s refinery plant, hindering its early launch, this includes a lack of access to foreign currency, an unsteady economy, and the COVID-19 pandemic, which messed up supply lines and delayed refinery equipment.

The $19 billion refinery is anticipated to completely meet Nigeria’s demand for all refined products while also having an excess of each one of these products available for export, opening up a market for $11 billion in petroleum products from Nigeria each year.

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