MOMAN expresses interest to lift Dangote refined products

Ahead of the completion of the Dangote Oil Refinery, the Major Oil Marketers Association of Nigeria (MOMAN) has expressed interest to engage the management of the company on commercial terms regarding the lifting of its refined petroleum products.

The MOMAN CEOs had a virtual meeting on the 17th of February 2021,  with Alhaji Aliko Dangote, the President of the Dangote Group and Mr Edwin, where the Dangote Group presented its project and which culminated to this physical site visit.

The marketers, who toured the 650,000barrels-per-day single train refinery in Ibeju-Lekki, Lagos recently, expressed belief that the Dangote Oil Refinery would help remove the various bottlenecks associated with importation of petroleum products into the country.

The MOMAN members who visited Dangote Oil Refinery include the Managing Director 11 Plc/ Chairman MOMAN, Adetunji Oyebanji; Executive Secretary of MOMAN, Clement Isong; Managing Director, Total Nigeria Plc, Imrane Barry; Managing Director, MRS Oil Nigeria Plc, Marco Storari; Managing Director, ARDOVA Plc, Olumide Adeosun; Managing Director, NNPC Retail Limited, Elizabeth Aliyuda; and 22 others. Speaking after a tour of the refinery complex, Oyebanji, said the marketers are eagerly waiting for the completion of the refinery, which is expected to make Nigeria self sufficient in petroleum refining.

Oyebanji said, “It is our desire to see our members buy refined products from Dangote Refinery when it comes on stream. We are open to discuss commercial terms with the management of Dangote Oil Refinery regarding lifting of refined products. The impact it will have on the market chain will be changed from a situation where by a marketer will have to wait for four to five months through imports lead time before getting products.

“The turn-around time is going to be much faster. It will be more efficient. Getting products from Dangote Refinery will also give us the possibility of getting the product by vessels or by trucking. It is going to have a positive impact on the way we do business in the downstream sector. Hopefully, we believe Dangote Refinery is going to result in delivering decent margins for our members; enough margins for us to begin to rebuild or/upgrade the assets in the industry” he emphasized.

He said that Dangote Refinery would move Nigeria from an import dependent nation to self-sufficiency in petroleum products.

“This refinery will move us from import dependent in petroleum product to becoming totally self-sufficient. It will move Nigeria from a situation whereby all the products that we consume will be available locally. It is going to be a very big development and a game changer for us and we are looking forward to its completion,” he stressed.

Oyebanji expressed hope that the coming on stream of Dangote Refinery would facilitate the deregulation of the downstream oil sector. “I have always agitated for the deregulation of the downstream oil and gas sector. Now, with Dangote Refinery, it makes it easier to achieve. I believe deregulation will come pretty soon the when Dangote Refinery starts working,” he added.