Aliko Dangote the Chairman and Chief Executive Officer (CEO) of Dangote Group has revealed plans to establish a terminal in the Caribbean for exporting petroleum products to North American countries.
Dangote disclosed this while speaking at the Afreximbank’s Trade and Investment Forum in The Bahamas on Wednesday, June 12, noting that the company is capable of delivering petroleum products to the region in just 18 to 20 days.
The Nigerian billionaire also stated that a bilateral agreement will be signed with the region to build the terminal for exporting petroleum products.
He said: “I know the price in the Caribbean in terms of petroleum products is very high. We produce it cheaply. We can always bring it here. We can set up a terminal and we’ll be able to fix their needs.
“We will have a bilateral agreement with them, and also, bringing in stuff from there is not more than 18 to 20 days maximum. And then we need to set up a terminal.
“Once we set up a terminal, they will have a very cheap oil. They will have cheap energy. And by having cheap energy, their own economy will grow faster.”
Dangote also pointed out that his company is not just looking to put money into the oil and gas sector in the area but also into the cement industry.
He emphasized that the company’s ability to produce cement is close to 52 million tons and is expected to rise to around 62 million tons by the close of the following year.
The business leader further stated that the company is capable of satisfying the needs of the Caribbean market by establishing a mutually beneficial arrangement for both sides.