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Dangote to list oil refinery on stock exchange

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The President and Chief Executive Officer, Dangote Group, Alhaji Aliko Dangote, has said the crude oil refinery being built by Dangote Oil Refining Company Limited will be listed on the Nigerian Stock Exchange.

Dangote disclosed this on Monday while speaking with journalists after beating the closing gong at the NSE in Lagos in commemoration of his 60th birthday. He said when completed in 2019, the refinery would enhance local refining of the nation’s crude oil, and save the country a lot of money currently being spent on the shipment of crude oil and petroleum products.

“Refining business is not a business that you make 50 per cent margin from; the margin is low but what you depend on is the volume of business that you have there, and that is the reason why we are building a 650,000-barrels-per-day refinery. It is a very large one,” he said.

 

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