Dangote Group of companies has called for quick passage of the Petroleum Industry Bill (PIB) in order to speed up the reforms of the oil and gas sector.
President of the Group, Alhaji Aliko Dangote, who spoke during the 3rd Quadrennial Delegates Conference (QDC) of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) in Port Harcourt, Rivers State, lauded the ongoing reforms in the petroleum sector especially the Petroleum Industry Bill (PIB).
Represented by his Chief of Staff, Mr Joseph Makoju, Dangote said: “The Petroleum Industry Bill (PIB) is a bold step that was initiated to correct perceived flaws in the industry as it is intended to address structural issues concerning policies and the management of oil and gas in the country.
“The bill is designed to enhance the value of the sector for the Nigerian people. It also seeks to plug identified loopholes in policies and management agreements and by so doing improve transparency and efficiency of the sector.
Our Dangote Group has also been attracted by these ongoing reforms in the sector with our recent decision to invest in a mega project in the downstream sector. We are building a $9 billion mega refinery/petrochemical/fertilizer complex in Olokola Free Trade Zone.
The refinery will have the capacity to refine 400,000 barrels of crude oil per day, while the petrochemical plant will produce 600,000MT/year of Polypropylene and 625,000MT/year of Slurry/raw material for carbon black”, he said.
Dangote, however, called for collaboration between Organised Private Sector (OPS) and organised Labour for the nation’s industrial sector to perform at optimal level.
This call came as the group declared that it was planning to set up $9 billion refinery/petrochemical/fertilizer complex in Olokola Free Trade Zone, between Ogun and Ondo states. The complex would create not less than 25,000 jobs during construction which is expected to last four years.
According to him, the fertiliser plants, with a capacity for 2.75 MT/year of Ammonia and Urea, will meet entire domestic demand and have surplus for export.
“Certain infrastructure and utilities will be shared. Infrastructure to supply feedstock such as natural gas will be shared. The Refinery, Petrochemical Complex as well as the Fertilizer Plants shall be served by an Off-site Truck Parking Stop. This will be built entirely to international standards and its amenities and communication will be linked to the complex. The project will result in the largest Refinery/Petrochemical/Fertiliser complex in Africa,” he said.
He stated that at completion of the project, Dangote Refinery would meet 100 per cent of local demand for refined fuel products, while Polypropylene, which is normally used in the manufacture of agro-sacks, poly bags and other industrial products, will lead to the establishment of new industries.
“We are estimating that the project will engage up to 25,000 people over a four-year construction period and it will create about 3,500 permanent jobs when completed. As more state-owned enterprises are being privatised to ensure they are managed efficiently, there is the need for greater collaboration between labour unions like yours that champion the interest of workers and the Organised Private Sector (OPS),” he added.