Dangote Announces Plan To Establish Petrol Terminal In Caribbean

The Chairman and CEO of Dangote Group, Aliko Dangote, has revealed plans to establish a terminal in the Caribbean for exporting petroleum products to North American countries.

Dangote disclosed this during the Afreximbank’s Trade and Investment Forum in The Bahamas on Wednesday, June 12.

Dangote mentioned that the company is capable of delivering petroleum products to the region in just 18 to 20 days.

The Nigerian billionaire also stated that a bilateral agreement will be signed with the region to build the terminal for exporting their petroleum products.

Dangote said: “I know the price in the Caribbean in terms of petroleum products is very high. We produce it cheaply. We can always bring it here. We can set up a terminal and we’ll be able to fix their needs.

“We will have a bilateral agreement with them, and also, bringing in stuff from there is not more than 18 to 20 days maximum. And then we need to set up a terminal.

“Once we set up a terminal, they will have a very cheap oil. They will have cheap energy. And by having cheap energy, their own economy will grow faster.”

Dangote also pointed out that his company is not just looking to put money into the oil and gas sector in the area but also into the cement industry.

He emphasized that the company’s ability to produce cement is close to 52 million tons and is expected to rise to around 62 million tons by the close of the following year.

The business leader further stated that the company is capable of satisfying the needs of the Caribbean market by establishing a mutually beneficial arrangement for both sides.

“It’s not only about the oil. We now have a capacity of almost 52 million cement capacity. By the end of next year, we will be at 62 million of cement capacity.

“We are not only saying that we can bring in from Nigeria or from Africa. If they have limestones, we can also produce what can satisfy them. We’ve done that before in Africa and we should be able to free them up from the shackles of other people.

“If we the ingredients like the limestone, it’s a 28 months maximum. They can all be self-sufficient. It will be a win-win between us and them,” Dangote said.

The Dangote refinery, with a 650,000 barrel refining capacity, has been described as the “game changer” of the oil and gas sector.

It will become the largest in Africa and Europe once it begins full operation later next year.