*NNPC targets 130,000bpd in Dangote’s brand new refinery for $2.7bn Emmanuel Addeh in Abuja As the Nigerian National Petroleum Corporation (NNPC) targets to acquire 20 per cent stake, translating t…
As the Nigerian National Petroleum Corporation targets to acquire 20 per cent stake, translating to 130,000 barrels per day capacity from the brand new 650,000 bpd Dangote Refinery for $2.7 billion, Hollyfrontier is acquiring 97-year-old 115,000 bpd refinery from Sinclair Oil for $2.6 billion.
They argued that if HollyFrontier could buy the 678,000 barrels per day facility for $2.6 billion, there was no business sense in NNPC acquiring 20 per cent of Dangote refinery’s 650, 000 for $2.7 billion. Out of this 115,000 bpd capacity, the first refinery with a capacity of 85,000 bpd was built in 1924, that is 97 years ago, while the second refinery with a capacity of 30,000 bpd, was built in 1992.
The Dangote refinery, with a single crude oil distillation unit, when completed, around mid-next year will be the largest single-train refinery in the world.In another development, the NNPC has lost roughly N9.181 billion to shutdowns, mostly as a result of host community workers and contractors’ protests in the Niger Delta, a review of reports on its activities from January to July this year has shown.
Government priority projects cost $40.5 million, about N20 billion, while export crude oil was N4.48 billion and Nigeria LNG feedstock was N13.8 billion, whereas feedstock gas arrears stood at N1.5 billion. In the preceding month of April, product losses due to shutdowns stood at N1.639 billion, export crude was N35.7 billion and export gas was worth N10.1 billion.
Most of the losses were due to the activities of disgruntled community workers and contractors who had issues to sort out with the oil companies. For instance, according to NNPC data in March, SPDC declared force majeure in January, due to the shutdown of Trans Forcados Pipeline as a result of community issues over outstanding payments.
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