Deregulation not a license to mix off-spec merchandise, jeopardise nationwide curiosity, Dangote tells Pinnacle Oil

Dangote Petroleum Refinery and Petrochemicals has suggested Pinnacle Oil and Gasoline Restricted that deregulation shouldn’t be used as a justification for the importation of off-spec petroleum merchandise or the undermining of Nigeria’s nationwide pursuits.

The refinery made this assertion in response to remarks by Robert Dickerman, CEO of Pinnacle Oil and Gasoline Restricted, regarding the importation and mixing of petroleum merchandise, which he framed inside the context of a “deregulated commodity market.” Dangote Petroleum Refinery stated that his argument for a deregulated market couldn’t obscure the intense implications of his actions, which, it claimed, not solely threatened the integrity of Nigeria’s vitality sector but additionally endangered the welfare of its residents.

Whereas reiterating its assist for deregulation and industrialisation, Dangote emphasised that this assist is grounded in a dedication to the sustainable progress of the nation’s economic system and the safety of its folks from exploitation. The refinery made it clear that the well being and security of Nigerians ought to by no means be compromised within the pursuit of revenue.

“The Dangote Petroleum Refinery and Petrochemicals Firm has lengthy been an advocate for deregulation and industrialisation in Nigeria, however our assist is rooted in a dedication to the sustainable progress of the nation’s economic system and the safety of its folks from any exploitation. Not like Dickerman’s view, deregulation shouldn’t be a licence for the importation and distribution of off-spec merchandise or the subversion of nationwide pursuits,” it stated.

The corporate additionally famous that, as an American, Dickerman must be nicely conscious of how his personal nation protects its industries. It pointed to a number of current examples from the USA to underline the purpose. For example, U.S. President Joe Biden just lately opposed the sale of U.S. Metal to Japan’s Nippon Metal, stressing the significance of sustaining sturdy American metal firms supported by American staff—an instance of protectionism that prioritises nationwide financial pursuits over short-term revenue. Equally, the U.S. has taken motion to limit using Chinese language-made cranes in its ports, citing nationwide safety considerations. The U.S. has additionally imposed a 100% tariff on electrical autos and a 50% responsibility on medical tools imported from China, additional demonstrating its dedication to safeguarding home industries. America has additionally ramped up efforts to spice up its personal manufacturing of pc chips and medical provides, pushed by nationwide safety considerations and the necessity for financial self-sufficiency. Moreover, throughout his presidency, George W. Bush used anti-dumping legal guidelines to impose tariffs on a spread of Chinese language items that have been thought of to be unfairly priced.

“It’s due to this fact perplexing that Dickerman, with all his expertise within the U.S. market, would advocate for the importation and mixing of petroleum merchandise to Nigeria underneath the declare of deregulation and a free market. The actual fact is that he had deceitfully approached us and pleaded that we prolong the pipeline from our refinery to Pinnacle’s tank farms for the aim of mixing our high-quality merchandise with their imported merchandise and promoting them to Nigerians. We categorically rejected his request to increase our pipeline to their tank farms for such devious functions as a result of it might be a betrayal of the Nigerian folks’s belief. The well being and security of Nigerians can’t—and shouldn’t—be compromised for revenue.”

The corporate additionally raised considerations over Pinnacle Oil’s choice to lease its tank farms to an organization with none shops in Nigeria, questioning the strategic intent behind such actions, significantly provided that the farms are positioned simply 500 metres from Dangote’s refinery. It expressed its vigilance relating to the coordinated efforts to undermine the Dangote Refinery, drawing parallels to the destiny of refineries in Port Harcourt, Kaduna, and Warri.

Dangote Petroleum Refinery known as on the federal government, patriotic Nigerians, and native companies to stay steadfast in defending the nation’s sovereignty and financial independence.

“The selection we face is between fostering industrialisation or permitting Nigeria to stay a dumping floor for inferior merchandise whereas exporting jobs. For almost three a long time, cartels and their collaborators have sabotaged efforts to develop Nigeria’s refining capability, maintaining the nation depending on imported merchandise. The time has come to finish this cycle of exploitation and be sure that Nigeria’s vitality sector works for the advantage of its folks,” it added.

Reiterating its perception {that a} sturdy, self-sufficient vitality sector is significant for Nigeria’s financial progress, Dangote affirmed that it’ll proceed to advocate for insurance policies and practices that defend each industries and the well-being of all Nigerians.

The corporate additionally expressed its assist for wholesome competitors that drives innovation and high quality, and regarded ahead to the upcoming commissioning of the 4 state-owned refineries, as promised by the NNPCL.

“At Dangote Petroleum Refinery, we’re dedicated to making sure that Nigeria turns into self-reliant in petroleum manufacturing, and we welcome competitors that drives innovation and high quality. Nevertheless, we are going to by no means permit the continued importation and mixing of petroleum merchandise, nor the deliberate destruction of our nationwide economic system. We consider {that a} sturdy, self-sufficient vitality sector is significant to Nigeria’s financial progress, and we are going to proceed to advocate for insurance policies and practices that defend our industries and the well-being of all Nigerians.”

“We eagerly anticipate the approaching on stream of the Kaduna, Warri, and Port Harcourt refineries earlier than the top of this 12 months, as promised by the Group Chief Govt Officer (GCEO) of NNPCL, Mele Kyari. This milestone is not going to solely finish all baseless rumours of monopoly but additionally place Nigeria as a refining hub for petroleum merchandise in Africa,” it concluded.