Billionaire Dangote Taps Refinery to Boost Jet Fuel Exports to Europe

Aliko Dangote, Africa's richest person, is leveraging his massive new oil refinery in Nigeria to help alleviate Europe's jet fuel shortage caused by the war in Ukraine.

Dangote's $19 billion refinery, one of the world's largest, began operations in late 2022 and is now exporting jet fuel to Europe as the continent struggles with supply disruptions from Russia. The refinery has the capacity to produce 50,000 barrels per day of jet fuel, a critical aviation fuel that has seen prices soar amid the global energy crisis.

The refinery's strategic location in Lagos, Nigeria's commercial hub, allows Dangote to efficiently ship fuel to Europe, which has faced a squeeze on jet fuel supplies since the start of the Ukraine war. Russia was a major exporter of jet fuel to Europe prior to the conflict, but sanctions and disruptions have forced the continent to seek alternative sources.

Dangote's ability to ramp up jet fuel exports comes as a boon for European airlines and airports grappling with fuel shortages and price volatility. The billionaire's investment in the massive refinery project, which took nearly a decade to complete, is now paying dividends as it helps plug a critical gap in the global energy market.