Dangote refinery boosts fuel exports to Europe

The Dangote refinery in Nigeria has reached full production capacity, significantly increasing exports of diesel and aviation fuel to the European market. This surge in supply comes as geopolitical tensions and conflicts in the Middle East and between Russia and Ukraine have disrupted traditional energy flows, creating a vacuum in the European fuel supply.

CEO David Bird stated that the company is maximizing diesel production to meet high demand and profit margins in Europe. Aviation fuels are also being exported in large quantities. The refinery, Africa’s largest, reached its current capacity level just before recent escalations in Middle Eastern conflicts, allowing it to act as a strategic supplier to offset shortages.

Financially, the Dangote Group reported a net profit of $1.82 billion for the first half of the year, a significant turnaround from losses in the same period last year. To capitalize on this momentum, the group has launched a $14.3 billion investment plan aimed at doubling the refinery’s capacity to 1.4 million barrels per day by 2029.