Financial data and media company, Bloomberg, has revealed that the Dangote Refinery has been ranked above the top 10 biggest refineries in Europe in terms of capacity.

Located in the Lekki-Epe Expressway, Lagos State, the Dangote Refinery, valued at $20 billion, boasts an impressive capacity of refining 650,000 barrels of petroleum products per day.

According to Bloomberg’s data, this capacity surpasses that of many prominent European refineries. For instance, the Shell Pernis Refinery in the Netherlands, the largest in Europe, has an installed capacity of 404,000 barrels per day (bpd), while the BP Rotterdam Refinery in the Netherlands follows closely with a capacity of 380,000 bpd.

The report further highlights other European refineries, such as the GOI Energy ISAB Refinery in Italy with a capacity of 360,000 bpd, and the TotalEnergies Antwerp refining facility in Belgium capable of refining 338,000 bpd.

Describing the Dangote Refinery as a ‘game changer,’ Bloomberg emphasized its utilization of cheaper US oil imports for a significant portion of its feedstock as it commenced operations.

Analysts foresee the refinery’s impact on the gasoline markets in the Atlantic Basin, particularly in Nigeria and the surrounding region.

Despite operating at around 300,000 barrels a day, approximately half of its nameplate capacity, the refinery has commenced shipping jet fuel, diesel, and naphtha as it expands its product range.

Furthermore, Reuters reported that the Dangote Refinery could potentially disrupt the decades-long petrol trade from Europe to Africa, worth $17 billion annually. This development places additional pressure on European refineries facing heightened competition and potential closure.

Moreover, the refinery’s entry into the Nigerian diesel market has significantly reduced pump prices, demonstrating its immediate influence on the country’s fuel sector.