The Chairman and CEO of Dangote group, Aliko Dangote has disclosed that the company is planning to set up a terminal in the Caribbean to export petroleum products to countries in the North American region.
Dangote who made this disclosure on Wednesday at the Afreximbank’s Trade and Investment Forum in The Bahamas, said the company can easily supply petroleum products to the region within 18 to 20 days.
According to the African richest man, the company will sign a bilateral agreement with the region to construct the terminal for the exportation of its petroleum products.
“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 said.
In addition, Dangote also mentioned that the conglomerate is not only seeking to invest in petroleum products in the region but also in cement.
He stressed that the company’s cement production capacity is nearly 52 million tons and will increase to about 62 million tons by the end of next year.
The business mogul added that the firm can meet the demand of the Caribbean market by creating a win-win situation for both parties.
“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.