DANGOTE GROUP CONSIDERS PURCHASE OF IOCs OIL BLOCKS
-By Oriade Ayomide
According to reports, a notable Nigerian brand, the Dangote Group, is considering the purchase of Nigerian oil fields as international oil companies plan to sell onshore assets in Nigeria. Dangote whose chain of products includes cement, sugar, pasta, noodles, and others, is out to secure a supply of crude oil and a substantial amount of gas for a $9bn oil refinery and petrochemical complex it plans in Ondo State.
A statement credited to the Group Executive Director, Mr. Devakumar Edwin, has it that the company also needs energy for its cement plants in Africa’s second-largest economy. “We’re seriously thinking of investing in oil blocks, both for gas and for oil. We’ve started talking with some companies, which are divesting from onshore,” Edwin said.
Royal Dutch Shell Plc, San Ramon and California-based Chevron Corporation, are selling onshore and shallow-water fields in Nigeria amid persistent violence and crude theft in the oil-rich Niger Delta, with smaller indigenous companies taking their place.