Business Hilights
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Dangote Refinery set to reverse N2.2 tn capital flight yearly

Indications have emerged that on delivery of the Dangote Refinery in Lekki, the over $5 billion (N2.2 trillion) spent yearly on importation of petroleum products into the country will drop drastically and the fund reinvested in the economy. The scheme is coming on the bill of over 417 bn.

It is also believed that the completed acquisition of Netherlands based -Twister B.V. by Dangote Industries Limited (DIL) will boost new strategy to meet Nigeria’s gas requirements.

Already, the company is expected to design and build gas plants, which would be responsible for gas processing from oil fields for transportation via Dangote’s planned sub-sea pipeline (EWOGGS) to various industries and power plants in the country.

Dangote said in a statement recently that Twister B.V. delivers reliable, high-yield and robust solutions in natural gas processing and separation to the upstream and midstream oil and gas sectors.

The statement disclosed that Twister’s unique separation capabilities are designed for augmenting production and streamlining processes, to capitalise on high-yield gas processing for maximising revenues.

“Twister B.V. used to be owned by Shell Technology Ventures Fund 1, before its recent acquisition by DIL together with its partner – First Exploration and Production.

“Based on sophisticated patented technology, Twister gas plants are typically cheaper to build and operate compared to alternative technologies, and also deliver better performance levels. The company has customers in Nigeria, Malaysia, and South America.”

Explaining more on the development, President and Chief Executive Officer, Dangote Industries Limited, Aliko Dangote, said “This was an important acquisition for us. Twister’s cutting edge gas processing technology is fundamental to delivering our strategy to unlock about 3 bcfd of gas in order to meet Nigeria’s gas needs.”

On his response, Twister’s Chief Executive Officer, John Young disclosed that “We are delighted in the confidence DIL and First Exploration and Production have shown in Twister to be their core provider of gas separation solutions.  After a very thorough due diligence our technology has been recognised as a key enabler to reduce gas project costs which is crucial in this current environment. We are excited to be part of the Dangote family of companies.’

Both the refinery and fertilizer projects of Dangote Industries Limited are reported to have the capacity of creating a minimum of 235,000 new jobs, both direct and indirect jobs, as it becomes operational in the first quarter of 2019.