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Nigeria to emerge as major contributor to global refining

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THE planned $12 billion Dangote refinery has improved the ranking of Nigeria as one of the major contributors to global refining between 2019 and 2023.

The nation is tipped to be one of the major contributors following the expected coming on stream of the 650,000 barrels per day refinery in 2020.

This was revealed by GlobalData, a data and analytics organization.

The report showed that China and Nigeria would soon emerge as the major contributors to the global growth of refining industry capacity in planned and announced projects between 2019 and 2023.

It also revealed that the total global planned and announced refining capacity in 2023 will be 17,882 bopd adding that between 2019 and 2023, 158 new refineries worldwide are scheduled to start operations.

Also, a total new-build capital expenditure (capex) of around US$520bn is expected to be spent globally on planned and announced refineries.

The report disclosed that China is the global leader in planned refining during the forecast period, with 3,121 bopd from 10 planned and announced refineries, adding that the nation has planned and announced a new capex of US$53.2bn to be spent on the upcoming refineries over the next four years.

It also disclosed that Nigeria is the  second largest country in terms of capacity additions, stressing that by 2023, Nigeria would add about 2,225 bopd of refining capacity. The report which stated that Iraq would emerge as the third largest nation with 1,190 bopd refining capacity additions from planned refineries added that between 2019 and 2023, it plans to invest about US$41 billion in new plants.

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