WLTW

Willis Towers Watson Public Limited Company

231.56
USD
-1.19%
231.56
USD
-1.19%
197.63 271.87
52 weeks
52 weeks

Mkt Cap 28.85B

Shares Out 124.61M

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NNPC expects Dangote refinery project to start up in Q1 2023, says exec

DAEGU, South Korea, May 24 (Reuters) - Nigerian National Petroleum Corp (NNPC) expects the Dangote refinery project to start up in the first quarter of 2023, its Group Managing Director Mele Kolo Kyari told Reuters on the sidelines of the World Gas Conference on Tuesday. NNPC acquired a 20% stake in the 650,000-barrel-per-day refinery in Lagos, he added, owned by Africa's richest man Aliko Dangote, for $2.76 billion last year. Nigeria, Africa's biggest crude oil exporter, imports virtually all its fuel due to moribund state refineries, which has prompted NNPC's interest in Dangote's oil refinery. Separately, Kyari said contractors are on site for the country's liquefied natural gas (LNG) expansion project. The Train 7 project is expected to be completed in four years, he said. Nigeria LNG (NLNG) and joint partners, NNPC, Shell SHEL.L, TotalEnergies TTEF.PA and Eni ENI.MI agreed in 2019 to add a new train to its LNG plant at Bonny Island which will increase its output to 30 million tonnes per annum (mtpa) from 22 mtpa. (Reporting by Florence Tan and Joyce Lee; editing by Muralikumar Anantharaman and Jason Neely) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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