Important Events to look out for in Real Estate in 2021
Important Events to look out for in Real Estate in 2021
The end of the year is always one of the best time to review your investment strategy. Wise investors know not to blindly dive into a venture without carrying out proper research no matter how lucrative it sounds. Wise investors understand the importance of monitoring upcoming events and how to use these events to their benefit.
Dangote Refinery becomes operational
Dangote refinery — set to be Africa’s biggest at 650,000 b/d plant — will finally be ready to process crude by early 2021, officials have said.
The plant, being built by Nigerian conglomerate Dangote Group and which will use Nigerian crude, was previously set to come on stream in 2020. But officials said the construction will be complete by the end of 2020 and the plant will be operational by early-2021.
“The refinery will be ready early in 2021 and we hope to reach full capacity before the end of that year,” Devakumar Edwin, an executive director at Dangote told reporters.
Edwin said the refinery will “dedicate 53%” of the projected 650,000 b/d refining capacity to the production of gasoline. Nigeria is dependent on fuel imports for all its gasoline needs.
“We target to export surplus products from the refinery including petrol and diesel to Europe, South America, and West African countries,” Edwin said.
The project received most of its key refining units such as the columns that make up the plant’s crude distillation unit reactor, regenerator, and fluid catalytic cracker earlier this year as seen in the video below.
The refinery will significantly reduce Nigeria’s fuel imports and could cap the country’s crude exports. Representatives at Dangote Industries have previously said the plant would start-up in 2020, though the target has repeatedly been pushed back. The plant was previously slated to come on stream by the first quarter of 2019. Construction began in 2013.
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The Group Executive Director, Dangote Group, Devakumar Edwin, explained that when commissioned, the facility would meet 100% need of the country and export balance.
When production starts, the refinery will be able to process 650,000 barrels of crude oil per day into refined petroleum products. This will help Nigeria become an oil refining country and oil exporter as the country’s refineries are in a dilapidated state. The capacity of the Dangote Refinery would eliminate fuel imports from other regions into Nigeria.
Most importantly, the Refinery will employ about 50,000 new employees whose need for accommodation is bound to drive the cost of real estate in that area. Wise investors have already keyed into this opportunity by buying plots of land in this area but if you are yet to buy, you still have a unique opportunity with Windspring estate and Avalanche park estate.
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