“DANGOTE VENTURES ABROAD: PETROL TERMINAL IN THE CARIBBEAN ON THE HORIZON!”

Babatunji Wusu –

Aliko Dangote, the Chairman and CEO of the Dangote Group, unveiled plans to establish a terminal in the Caribbean dedicated to exporting petroleum products to North American nations.

This announcement was made during the Afreximbank’s Trade and Investment Forum held in The Bahamas on Wednesday, June 12th.

Dangote highlighted the company’s capability to swiftly deliver petroleum products to the region, boasting a mere 18 to 20 days for the process. Additionally, he revealed intentions to sign a bilateral agreement with the Caribbean region to construct the terminal for exporting their petroleum products.

Addressing the high prices of petroleum products in the Caribbean, Dangote expressed confidence in the cost-effective production methods employed by his company. He emphasized the potential to establish a terminal, which would not only fulfill the region’s energy needs but also stimulate economic growth.

Moreover, Dangote underscored the Dangote Group’s commitment to diversification, indicating investments not only in the oil and gas sector but also in the cement industry. With a current cement production capacity of nearly 52 million tons, projected to increase to around 62 million tons by the following year, the company aims to cater to the needs of the Caribbean market.

Dangote stressed the possibility of leveraging local resources, such as limestone, to meet market demands effectively. He envisioned a mutually beneficial relationship between the Dangote Group and the Caribbean, facilitating self-sufficiency and economic empowerment for both parties.

Notably, the Dangote refinery, poised to become the largest in Africa and Europe with a refining capacity of 650,000 barrels, is anticipated to revolutionize the oil and gas sector upon its full operation next year.