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Nigeria's Dangote Shifts Focus From Cement To Oil And Gas.

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By Reuters

LAGOS, NIGERIA (RECENT) (REUTERS) VARIOUS OF DANGOTE REFINERY LANDSCAPE RIVER BANK ELEVATED WALKWAY ON WATER VARIOUS OF REFINERY LANDSCAPE WITH ROCKS AFRICA'S RICHEST MAN, ALIKO DANGOTE AND JOURNALIST TALKING VARIOUS OF FOUNDER, DANGOTE GROUP OF COMPANIES, DANGOTE IN HIS OFFICE PAINTED PORTRAIT OF DANGOTE (SOUNDBITE) (English) FOUNDER, DANGOTE GROUP OF COMPANIES, ALIKO DANGOTE, SAYING: "This you know, mechanical completion will be end of 2018, but we will start producing 2019. It was a huge capacity with petrochemicals 1.3 million tons." DANGOTE AND GUESTS AT OIL REFINERY SITE LAGOS STATE GOVERNOR ON HIS PHONE VARIOUS OF WORKERS WORKING ON CONSTRUCTION SITE (SOUNDBITE) (English) FOUNDER, DANGOTE GROUP OF COMPANIES, ALIKO DANGOTE, SAYING: "The refinery will be funded from our own cash-flow but we have just gotten approval for 150 million dollars by IFC and also central bank you know, I mean through the intervention fund we've got about 50 billion dollars I mean 50 billion naira of local support 10 years money at about 9 percent." DISPLAY OF CONSTRUCTION EQUIPMENT PLYWOOD VARIOUS OF CRANE (SOUNDBITE) (English) FOUNDER, DANGOTE GROUP OF COMPANIES, ALIKO DANGOTE, SAYING: "We have been also affected like any other company actually more than any other company because we knew that yes the policies of the government was actually that yes, you know, industries and co, they will be you know supported and we know that yes there are different views of either to devalue or not to devalue but because we realize that yes there is consistent reassurance by government that yes there won't be that devaluation, we have to make sure that there are no shortages of the commodities that we are producing." VARIOUS OF CONSTRUCTION WORKERS MACHINERY (SOUNDBITE) (English) FOUNDER, DANGOTE GROUP OF COMPANIES, ALIKO DANGOTE, SAYING: "The gas which is our main source of power is priced in dollars so if there 40 percent devaluation the price will go up by 40 percent, the operational... expenses of diesel, our mining equipment's, our trucks for distribution, our spare parts, every single aspect of the production will go up by that percentage of the dollar and it's not only ours it's almost everybody." LANDSCAPE OF DANGOTE REFINERY CRANE/PILLARS

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