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According to a Bloomberg report, Edwin said Dangote aims to help end Africa’s largest oil producer’s reliance on imported fuel.
While stating that oil production will begin from two assets he bought from Royal Dutch Shell Plc, He added that work will then move to an undeveloped KI discovery on Block 71, a small shallow water asset in Southeastern Niger River delta.
The plant will reach “mechanical completion” in December and full operations are expected to start by the middle of 2021, Edwin said.
“If everything goes well, we can do that in 12 to 15 months because we are already doing the 3D seismic studies,” he added.
“We have several projects ongoing now and most of them are through in-house funding,” Edwin said. “They are all at various stages of completion.”
The billionaire would add the oil production to his fast-expanding business empire that includes cement, flour and sugar firms.
According to Edwin, Chinese and Malaysian contractors have completed a development plan for the Kalaekule field on its Oil Mining Lease 72 asset.
The conglomerate is adding about 10 million tons capacity of cement with new plants in at least five countries including Cameroon, Cote d’Ivoire and Ghana while boosting output in two of its Nigerian plants.
It is also setting up six new integrated rice mills across the country with a capacity to process a million tons of paddy and a 125,000 tons sugar refinery.