Although the crude oil refinery being built by Africa’s richest man, Aliko Dangote is yet to come on stream, it is already causing panic in Europe.

The Dangote refinery is said to pose a threat to refineries in Europe, which Nigeria relies mostly for fuel imports.

The Editorial Director, Strategic Oil Markets Development, S&P Global Platts, Andrew Bonnington, said at the S&P Global Platts Lagos Oil & Energy Forum on Thursday that the start of operations at the Dangote refinery would likely lead to the closure of some European refineries.

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He told newsmen on the sidelines of the event that, “In Africa, the Dangote refinery is a huge story; one of the biggest refineries in the world being built in Nigeria, likely to supply most of or all of Nigeria’s consumption. That clearly has an impact on European refineries, because they export to Nigeria.

“It is impossible for me to say exactly what the impact will be, but it is not a good thing for European refineries that Dangote refinery is being built.”

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According to Bonnington, Europe is the biggest supplier of petroleum products to Nigeria, with about 75% of petrol consumed in the country imported from the continent.

Last week, the President, Dangote Industries Limited, Aliko Dangote, said he had arranged more than $4.5 billion in debt financing for his refinery project and aimed to start production in early 2020.

The refinery, being built by Dangote has a capacity of 650,000 barrels per day and it is hoped to bring an end to Nigeria’s dependence on oil imports.

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