Oando Plc Favour Ifeoluwa & Akinola Ajibade Oando Plc says it has completed and won the bid for the operatorship of oil block KON 13 in Angola. The firm which recently acquired Eni of Italy’s oil assets in Nigeria, said that the award of the oil block located in Angola’s onshore Kwanza Basin followed a competitive bidding process by the country’s oil and gas sector regulator. It further said hat the asset in which it owns 45 per cent participating interest, has estimated prospective resources of 770 to 1,100 million barrels of oil. Oando is handling its operations relating to the asset through its upstream subsidiary, Oando Energy Resources (OER). “Oando Plc, Africa’s leading indigenous energy solutions provider listed on both the Nigerian Exchange Limited and Johannesburg Stock Exchange is pleased to announce that its upstream subsidiary, Oando Energy Resources (OER), has been awarded operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin, following a...
By Akinola Ajibade
The Dangote’s $2 billion Petrochemical Plant will become hub for for production of polypropylene in Africa soon, when its begins operation soon, the Group President, Alhaji Aliko Dangote has said.
The plant, which is being alongside the 650,000 barrels per day Dangote Petroleum Refinery, boasts of 900,000 metric tonnes capacity of polypropylene.
According to him, the plant would also boost non-oil export earnings, with a view to help grow the Nigerian economy.
He said the plant is strategically positioned in order to meet the demands of plastic industries in Nigeria and globally.
Dangote, who disclosed this at the 2022 Zenith Bank International Trade Seminar on Non-oil Export recently in Lagos, said the refinery and petrochemical projects would help in making the country self sufficient in the area of provision of petroleum products to Nigerians and other nationals.
The business mogul advised Federal Government to unlock potentials in petrochemical export by completing the OB3 pipeline early.
This, he stressed, would help in making gas available to manufacturers.
He said: “There is need to prioritise financing gas infrastructure, gas allocation to the domestic market and adjustment of fiscal framework in order to make supply of gas attractive to domestic market,” he said.
Continuing further, he said that the refinery is the largest single train greenfield petroleum refinery
facility in the world, stating that the company is expected to export more than 8 million tons of Petroleum products annually after meeting the needs of domestic consumers.
This, he said, aside the production of 900,000 tons of polypropylene from the plant.
On fertilizer's production, he said the three million metric tonnes plant for fertilizer has “commenced export to India, North America and Latin America, adding that the plant would steadily export two million tons per annum after meeting domestic consumption.”
The fertiliser plant, Dangote said, which is the second largest urea fertilizer plant in the world would leverage on Nigeria’s abundant gas reserves for growth.
Investors, Dangote said, can build industries, which initially target the domestic market, then subsequently target export markets as they build scale and competitiveness.
He then urged the Federal Government to build on the country’s competitive advantage to develop industries that are primarily geared towards export.
“Nigeria LNG Limited (NLNG) in Bonny is a good example of an export-oriented investment (though would be good to get a model where such revenues are sold in I&E window”, adding that some countries have gone a step further to create special economic zones to achieve this objective" he explained.
Also, the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele said that the theme of the seminar was apt in the sense that the country needs to unlock opportunities in the non-oil export business for economy's development.
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