Dangote acquires gas processing company in Netherlands
Dangote Industries Limited (DIL) has completed the acquisition of Twister B.V., a gas processing company headquartered in the Netherlands.
Twister B.V. formally owned by Shell Technology Ventures Fund 1, before its recent acquisition by DIL along with its partner – First E&P.
A statement yesterday from DIL said the acquired company would help design and build the gas plants which would be critical in processing gas from oil fields for transportation via Dangote's planned sub-sea pipeline (EWOGGS) for ultimate consumption by various industries and power plants.
Aliko Dangote, President & CEO of Dangote Industries Limited said, 'This was an important acquisition for us. Twister's cutting edge gas processing technology is fundamental to delivering our strategy to unlock about 3bcfd of gas in order to meet Nigeria's gas needs.'
Twister's CEO, John Young said, 'We are delighted in the confidence DIL and First E&P have shown in Twister to be their core provider of gas separation solutions. After a very thorough due diligence our technology has been recognised as a key enabler to reduce gas project costs which is crucial in this current environment. We are excited to be part of the Dangote family of companies.'
It would be recalled that the refinery and fertilizer projects of Dangote Industries Limited are reported to have the capacity of creating a minimum of 235,000 new jobs – both direct and indirect jobs – as it becomes operational in the first quarter of 2019.
Aliko Dangote, who revealed this recently, also stated that the projects would cost a minimum of $17 billion.
Dangote said the $12 billion refinery would have a capacity of 650,000 barrels a day.
He assured that there would be market for the refined products because even in Africa, only three countries had effective functioning refinery with others importing from abroad.
He said: 'Our refinery will be ready in the first quarter of 2019. Mechanical completion will be end of 2018 but we will start producing in 2019.'
When the projects fully take off in 2019, Dangote said it would help the country save $5 billion spent on the importation of oil into the country.