French energy leader TotalEnergies has announced a significant milestone in its operations, sealing a vital supply agreement with Nigeria’s renowned Dangote Refinery. The deal, disclosed by TotalEnergies CEO Patrick Pouyanne at the Africa CEO Forum in Kigali, Rwanda, marks a pivotal moment for both entities.
At the heart of this agreement lies Dangote Refinery’s ambitious plans to secure crude supplies for its expansive operations. With a capacity of 650,000 barrels per day (bpd), the refinery aims to transform Nigeria’s refining sector and reduce its reliance on imported fuels.
In a bid to fulfill its vision, Dangote Refinery issued a tender for two million barrels of West Texas Intermediate (WTI) Midland crude monthly, starting July and spanning a year. This move underscores the refinery’s commitment to bolstering Africa’s energy independence.
Since commencing operations in January, the $20 billion refinery has made significant strides, producing jet fuel and diesel with gasoline production slated for the near future. Aliko Dangote, the visionary behind the refinery, emphasized its potential not only to meet domestic demand but also to serve as a key export hub, catering to markets across Africa and beyond.
With plans for further expansion already on the horizon, Dangote Refinery aims to solidify its position as a regional energy powerhouse, capable of supplying West, Central, and Southern Africa with essential fuel products.
For TotalEnergies, this partnership signifies a strategic move to bolster its presence in Nigeria’s dynamic energy sector. Alongside industry heavyweights like Shell, Exxon, and Chevron, TotalEnergies plays a critical role in Nigeria’s crude production landscape.
As both entities move forward, the focus now shifts to the tangible impacts this collaboration will have on Nigeria’s energy landscape and the broader African continent.
photo source: Google
By: Montel Kamau
Serrari Financial Analyst
20th May, 2024
Article and News Disclaimer
The information provided on www.serrarigroup.com is for general informational purposes only. While we strive to keep the information up to date and accurate, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
www.serrarigroup.com is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information on the website is provided on an "as-is" basis, with no guarantee of completeness, accuracy, timeliness, or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
In no event will www.serrarigroup.com be liable to you or anyone else for any decision made or action taken in reliance on the information provided on the website or for any consequential, special, or similar damages, even if advised of the possibility of such damages.
The articles, news, and information presented on www.serrarigroup.com reflect the opinions of the respective authors and contributors and do not necessarily represent the views of the website or its management. Any views or opinions expressed are solely those of the individual authors and do not represent the website's views or opinions as a whole.
The content on www.serrarigroup.com may include links to external websites, which are provided for convenience and informational purposes only. We have no control over the nature, content, and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorsement of the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, www.serrarigroup.com takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
Please note that laws, regulations, and information can change rapidly, and we advise you to conduct further research and seek professional advice when necessary.
By using www.serrarigroup.com, you agree to this disclaimer and its terms. If you do not agree with this disclaimer, please do not use the website.
www.serrarigroup.com, reserves the right to update, modify, or remove any part of this disclaimer without prior notice. It is your responsibility to review this disclaimer periodically for changes.
Serrari Group 2023
