Connect with us

Business

OPEC Hinges Attainment of Global 6.9mbpd Refining Capacity Addition on Dangote Refinery

Published

on

Dangote ‘no longer’ richest investor on NGX, as Abdul Samad Rabiu leads in the latest ranking

OPEC Hinges Attainment of Global 6.9mbpd Refining Capacity Addition on Dangote Refinery

Dangote’s 650,000 barrels-per-day (bpd) oil refinery project has been identified as one of the oil distillation companies that would boost global refining capacity by 6.9 million barrels per day between 2021 and 2026.
OPEC Hinges Attainment of Global 6.9mbpd Refining Capacity Addition on Dangote Refinery
The Organisation of the Petroleum Exporting Countries (OPEC), which made this disclosure in its 2021 World Oil Outlook released recently, said Africa’s medium-term outlook appears more optimistic with 1.2 million barrels-per-day (mb/d) of new capacity expected by 2026; half of which is to be accounted for by the 650,000 bpd Dangote Oil Refinery project in Nigeria, which is likely to come on stream in 2022.
The oil cartel identified these projects, which are located mostly in Nigeria, Angola and Ghana, to include a number of pre-fabricated modular facilities. “Once commissioned, these projects will help to reduce product imports to Nigeria and West Africa and will, in turn, increase the use of local crude. In North Africa, refinery capacity expansions are likely in Algeria and Egypt,” it said.
Similar to previous outlooks, OPEC said refinery additions are concentrated in developing regions, such as the Asia-Pacific, the Middle East and Africa. OPEC added that the total medium-term capacity additions of 6.9 mb/d are composed of projects in different development stages.
“Around 3.5 mb/d of capacity is under construction or close to this stage; hence, these are the projects with the highest certainty to materialize in the medium-term. There are also projects totalling 3.4 mb/d that are mostly in early stages of development, but still advanced enough in terms of financing and engineering to be considered ‘firm’ medium-term additions,” the global organisation stated.
These regions, it noted, account for almost 90% of the additions in the period 2021–2026. “The medium-term outlook contains several large projects, many of which have petrochemical integration as well. These developments are in line with expected oil demand growth,” it added.
Speaking on investments in refinery projects, OPEC puts the total global estimated required investments at $1.5 trillion in the 2021-2045 period. It noted that these include investments of nearly $450 billion in new refinery projects and expansions of existing units located mostly in developing countries, including those in the Middle East, Asia-Pacific, Africa and Latin America.
OPEC stated, “Required investments in the midstream sector are estimated at around $1.1 billion in the same time horizon and are attributed to the expansion of the infrastructure for refining, storage and pipeline systems, predominantly in developing regions, but also in large oil exporting regions (e.g. the US & Canada and the Russia & Caspian). Thus, globally, oil-related investment needs in the long-term are estimated at $11.8 trillion.
“Long-term (2021–2045) capacity additions are expected at 14 mb/d, mostly in developing countries. However, the Reference Case projects a significant slowdown in the rate of additions. Africa and Other Asia-Pacific are the regions where significant incremental capacities are expected, even after 2030.
The report said, “The continent of Africa is home to an abundance of energy resources, including about 10 per cent of the world’s oil reserves; however, it still has difficulty in harnessing these precious resources to meet its energy demand. This, in turn, hinders efforts to provide affordable and reliable energy required for economic growth and development.
“Africa has yet to unlock its huge potential in the energy sector, although its ever-increasing population growth and economic prospects require more energy. This drawback is mostly due to regional uncertainties, as well as government policies and regulatory frameworks guiding the energy sector, and more recently, the efficiencies required to reduce CO2 emissions in exploration and production activities. These challenges have made it increasingly difficult to secure much-needed financing for E&P from foreign investors.”

On Dangote, The report noted that the impacts of the COVID-19 pandemic had also been a major setback, especially for those countries depending heavily on revenue from fossil fuels for their economic growth and development.

Continue Reading
Advertisement

Business

Adron Homes Celebrates Christmas with Customers, Reaffirms Commitment to Bridging Nigeria’s Housing Deficit

Published

on

Adron Homes Celebrates Christmas with Customers, Reaffirms Commitment to Bridging Nigeria’s Housing Deficit

 

As the world embraces the joy and warmth of the Christmas season, Adron Homes and Properties, Nigeria’s foremost real estate company, has extended heartfelt greetings to its esteemed customers while reaffirming its commitment to addressing the nation’s housing challenges.

In a message of gratitude and celebration, Adron Homes expressed deep appreciation to its customers for their trust and loyalty throughout 2024. The company highlighted its unwavering dedication to making incredible housing affordable for all Nigerians, in line with its mission of reducing the country’s housing deficit.

“Christmas is a time to celebrate family, unity, and gratitude,” the statement read. “As we reflect on the year, we are proud to have played a role in making homeownership a reality for thousands of Nigerians. Our vision is clear—to bridge the housing deficit by providing affordable, luxurious, and secure homes for all, regardless of income level.”

Adron Homes has continued to lead the real estate industry by implementing innovative solutions that make homeownership accessible, including flexible payment plans and cost-effective housing models tailored to meet diverse customer needs.

As part of its Christmas and end-of-the-year celebration, the company has launched a special festive promotions ‘Lemon Friday’ aimed at encouraging more Nigerians to join its growing community of homeowners.

“We remain committed to transforming dreams into reality. This is not just about building homes; it’s about building futures and creating opportunities for families to thrive in a space they can call their own,” the statement added.

Adron Homes extended warm wishes to all Nigerians and its global customers, urging them to embrace the season’s spirit of love and hope. “May your homes be filled with peace, joy, and prosperity this Christmas and beyond.”

Continue Reading

Business

NIHOTOUR Calls on Hospitality, Tourism, Travel, Allied Sector Professionals for Mandated Registration

Published

on

NIHOTOUR Calls on Hospitality, Tourism, Travel, Allied Sector Professionals for Mandated Registration

NIHOTOUR Calls on Hospitality, Tourism, Travel, Allied Sector Professionals for Mandated Registration

 

The National Institute for Hospitality and Tourism (NIHOTOUR), the regulatory and standardization authority in the sector, has invited professionals in the hospitality, tourism,travel and allied sectors to register as mandated by the National Institute for Hospitality and Tourism (Establishment) Act 2022.

A statement signed by Aare (Dr.) Abisoye Fagade, FIMC, Director-General/CEO
The National Institute for Hospitality and Tourism reads:

“Enjoy FREE registration from December 1, 2024, to January 15, 2025! This is your chance to register as a professional or practitioner at no cost.

“Don’t miss this opportunity to solidify your presence in Nigeria’s thriving tourism industry. Visit www.nihotour.gov.ng now!

“Hurry—free registration closes on January 15, 2025. Take the first step toward advancing your career in tourism today!”

Continue Reading

Business

EGC Homes Unveils Goodness and Mercy Estate, Brand Ambassador

Published

on

EGC Homes Unveils Goodness and Mercy Estate, Brand Ambassador

 

EGC Homes, a notable player in the real estate and property development sector, has made waves in the Nigerian market with its recent announcement of the launch of Goodness and Mercy Estate in Ogun, alongside other strategic initiatives.

The company emphasized its commitment to collaborating with the government to alleviate the housing deficit in Nigeria while prioritizing the well-being of residents.

In an interview with THECONSCIENCE NG, Oladapo Jimoh, the Managing Director of EGC Homes and Properties, expressed the brand’s long-term vision to bridge the housing gap and simplify the journey to homeownership.

He stated, “Current data estimates Nigeria’s housing deficit to be around 28 million units by 2024. This figure is among the largest globally and poses significant challenges, contributing to homelessness and various social issues.”

“National statistics indicate that our country faces a pressing need for approximately 700,000 new homes each year to address this deficit. As urbanization continues, these challenges are particularly evident in major cities, where affordable housing becomes increasingly scarce, forcing many into slums and informal settlements.”

The World Bank projects that Nigeria’s urban population could exceed 200 million by 2050, highlighting a potential social crisis as the lack of affordable housing leads to the rise of slums, especially in urban areas.

“As a forward-thinking and solutions-oriented company, we are dedicated to addressing these critical housing issues in partnership with the government.”

Following its successful launch in Lagos, EGC Homes has rapidly expanded its operations, acquiring a significant land bank across the southwestern region of Nigeria and enhancing its marketing strategies to effectively connect with customers.

The firm is committed to providing Nigerians with exceptional value, peace of mind, and simplifying the processes of land acquisition and homeownership.

“Our mission is to make life easier for Nigerians while assisting the government in tackling the housing deficit.”

Recently, the company introduced its premier property, the Goodness and Mercy Estate, located in Arepo and Sagamu Interchange in Ogun State, with more projects on the horizon. Its flexible payment plans and affordable property prices aim to cater to a wide audience.

Additionally, EGC Homes has appointed Titilayo Adebayo-Omotosho as its social media brand ambassador to promote the unique offerings of EGC Homes and Properties Limited to Nigerians both at home and abroad.

In her remarks, she highlighted her commitment to the vision of EGC Homes, stating, “I believe every Nigerian deserves a decent roof over their head. This aligns perfectly with the mission of EGC Homes and Properties, which is why I chose to represent the brand, promoting its exceptional estates and home packages to Nigerians and those aspiring to own homes here.”

Continue Reading

Cover Of The Week

Trending