Dangote considers buying oil fields

In National
Spread the love

Dangote Group is considering the purchase of Nigerian oil fields as international companies plan to sell onshore assets in the continent’s top crude producer.

The company, controlled by multi-billionaire Aliko Dangote, needs to secure a supply of crude oil and a “substantial amount of gas” for a $9-billion oil refinery and petrochemical complex it plans in southwest Nigeria. The company also needs energy for its cement plants in Africa’s second-largest economy, he said.

We’re seriously thinking of investing in oil blocks Aliko Dangoteboth for gas and for oil,” Edwin said. “We’ve started talking with some companies who are divesting from onshore,” Group Executive Director Devakumar Edwin (57) said in a Bloomberg report.

International oil and gas explorers including Royal Dutch Shell and San Ramon, California-based Chevron are selling onshore and shallow-water fields in Nigeria amid persistent violence and crude theft in the oil-rich Niger River Delta, with smaller Nigerian companies taking their place.

Dangote Group believes it can manage unrest and aggrieved communities in the region with corporate social initiatives, Edwin said.

“We know the terrain much better, we know the risks and we believe that the risks can be managed,” he said. “The primary risk is people blasting your pipelines. I wouldn’t like to go and invest in a block which is totally inland and then I have to start buying inland pipelines.”

You may also read!

Liberia: First Lady Hails Merck Foundation for Boosting Liberia’s ...

The Budget For Mrs. Clar Weah, Liberia’s 1st Lady Is Undeserved & Misappropriated-By Benedict Nyankun Wisseh

Spread the love…. The children, who attend public schools in and outside of Monrovia, sit in dilapidated classrooms where

Read More...

Liberia Demands Constitutional Ferocity-Ansu Opa Dualu

Spread the loveAnarchy! Pillage! Mobocracy! These become the reality in the absence of constitutional adherence. The rule of law

Read More...

Open letter of congratulations to Senator Yayi with a Reminder about Ibo Alajobi

Spread the love  Dear Senator Yayi, Open letter of congratulations to Senator Yayi with a Reminder The above subject

Read More...

Leave a reply:

Your email address will not be published.

Mobile Sliding Menu