Dangote: IOCs struggling to supply us crude oil… they prefer exporting

Aliko Dangote, Africa’s richest person, says some international oil companies (IOCs) are struggling to supply crude to Dangote Petroleum Refinery.

Dangote spoke on CNN’s ‘Connecting Africa’ programme, which aired on June 3.

Asked if domestic oil companies have been supplying crude to the refinery, he said “there are challenges”.

However, Dangote said the Nigerian National Petroleum Company (NNPC) Limited has been very helpful in providing crude to the 650,000 barrels-a-day refinery.

“They do their own bit. But some of the IOCs are struggling to give us crude because everybody is used to exporting and nobody wants to stop exporting,” he said.

“Africa is not going the way it should because we export raw materials and import finished goods. It doesn’t matter what it is, even if it is gold or whatever, raw material is always priced at a ridiculously priced amount compared to finished goods.”

Also, the billionaire said Dangote Group has a good succession plan.

“We divided the company into two; where we have myself as the group president, then we have group president of oil and gas, and we have the group president of other businesses,” Dangote said.

He estimated Dangote Group’s revenue will reach $30 billion by the end of the year.

“All these, when you combine, by end of this year, we will have a group that will have $30 billion and that is big. It means that will be one of the top 120 companies,” he said.

Furthermore, Dangote said the refinery “will start making money” soon while addressing the income of the refinery.

“It is not about making money only, it also gives us a great satisfaction that we are making Africa great,” he said.

On May 18, Dangote said Nigeria would not have to import petrol into the country starting from June.