Another chapter will this year be opened in the downstream sector of the petroleum industry, when business mogul Alhaji Aliko Dangote kicks off his plan to establish a refinery in the country.
The federal government had, in 2011, granted approval to 19 multinationals for the setting up of private refineries in the country, but none of them has come on stream due to the regulation of the price of fuel in the country.
Though details of where the refinery will be sited and its capacity were yet to be made known, work on the refinery, which will cost $8 billion, will begin this year.
At a breakfast meeting with some senior editors to mark his 57th birthday in Lagos, Alhaji Dangote said work will start on the refinery once his company secured the final approval from the federal government.
