Africa richest man, Alhaji Aliko Dangote, don talk say him company, Dangote Petroleum Refinery, go sell between 5 to 10 percent of e shares for the Nigerian Exchange (NGX) within the next one year.
Dangote yarn this one for one interview with S&P Global on October 20, where him explain say the move na part of plan to make the refinery open to investors, just like wetin him do for Dangote Cement and Dangote Sugar Refinery.
According to am, the shares go dey released small-small based on how investors show interest and how strong the market dey.
“Our business pattern don change. E no go be 100% Dangote again — we go get other partners join body,” Dangote talk.
He still mention say the Dangote Group dey discuss partnership with some Middle East companies to help expand the refinery and also start new petrochemical projects for China.
Dangote also talk say even though the NNPC Limited reduce their stake for the refinery reach 7.2 percent, dem fit still increase am later — but not until the next development stage go far.
“We wan first show wetin this refinery fit do before we go talk of new partnership,” he add.
Bigger Target Ahead
The refinery don announce say e dey plan to increase production capacity to 1.4 million barrels per day (bpd) — a target wey go pass the world biggest refinery for Jamnagar, India, wey dey produce 1.36 million bpd.
For July, Dangote don already talk say production go move from 650,000 bpd to 700,000 bpd before year end.
Apart from fuel, the refinery still dey work on new products like linear alkylbenzene, base oils, and go increase polypropylene production from 1 million metric tonnes to 1.5 million metric tonnes yearly.
Dangote also talk say dem don fix most of the refinery maintenance issues but go still do one-month shutdown soon to balance operations — and e go happen before end-of-year fuel rush.
Company Reorganisation and Workforce Update
Dangote confirm say the refinery recently sack about 800 workers, but the reorganisation don almost finish and e don reduce wahala with labour unions.
“We no get issue with the unions again,” he yarn.
He also talk say oil production from the company’s upstream fields (OML 71 and 72) for Niger Delta go start this month with expected output of 40,000 barrels per day.
Dangote end by saying say the group go continue to focus on completing ongoing projects before jumping into new ones.
 next year to attract investors and boost capacity to 1.4 million barrels per day.){kind=link}