Devakumar Edwin, the Vice President of Oil and Gas at Dangote Industries Limited (DIL), has accused International Oil Companies (IOCs) in Nigeria of deliberately attempting to undermine the Dangote Oil Refinery and Petrochemicals. Edwin claims that the IOCs are engaging in tactics such as manipulating crude oil prices and forcing the refinery to import crude from countries like the United States at higher costs.
According to Edwin, the IOCs are doing this by setting high premium prices above the market price for local crude, making it unviable for Dangote refinery to purchase it. This, in turn, has led to the refinery incurring additional expenses in importing crude oil from far-off countries.
Edwin has called for support from the Federal Government, emphasizing that Dangote Industries Limited is the only company to deliver on its promise to build a refinery out of the 25 licenses issued. The allegations made by Edwin raise questions about the fairness of competition in Nigeria’s oil sector and the potential impact on the country’s energy security.
