?angote Refinery, which is set to begin production in October 2023, has revealed that the refined products from the refinery would be sold in dollars.
The refinery, situated in Lagos, is expected to help solve Nigeria’s petrol importation headache
Giving an explanation as to the reason for its decision, the Refinery’s Group Executive, Devakumar Edwin, speaking in an interview with S&P Global Commodity Insights, disclosed that oil refined in the facility would be bought in US dollars, not naira.
While defending the decision by saying that the refinery’s location is in a free trade zone, Edwin further noted that the facility will not only be refining Nigerian crude but also crude oil from other countries, stressing that it will not be advisable to be solely dependent on Nigerian crude.
He noted that the facility would begin refining diesel and jet fuel by October 2023, while petrol would commence by November 2023, adding that the company is ready and is waiting to receive its first crude to begin refining.
