Dangote Refinery Secures $20 Billion Deal To Import Crude Oil From The United States

Dangote Refinery Secures $20 Billion Deal To Import Crude Oil From The United States....KINDLY READ THE FULL STORY HERE▶

Lagos—In the upcoming months, the Dangote Refinery, with an estimated value of $20 billion, is set to diversify its crude oil sources by importing two million barrels of WTI Midland from the United States. This development, disclosed by traders familiar with the matter, signifies a departure from the refinery’s traditional reliance on Nigerian crude. Trafigura Group facilitated the sale of the WTI Midland barrels for delivery by the end of February 2024……….CONTINUE READING

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The decision to import non-Nigerian crude for the first time underscores the transformative impact of the exponential growth in US oil supply over the past decade. This growth has reshaped the global oil market, extending its influence to regions like Asia, and now, impacting Nigeria, whose economy heavily relies on petroleum exports.

The Dangote Refinery, boasting a daily processing capacity of 650,000 barrels, initiated operations earlier this month with an initial target of processing 350,000 barrels per day. The facility aims to gradually increase production toward its full capacity. While the refinery primarily sources domestic crude through an agreement with the trading arm of the state-owned NNPCL, recent developments include the receipt of Nigeria’s Agbami crude, facilitated by Shell’s trading unit. Other subsequent deliveries comprised Nigeria’s Amenam, Bonny Light, and CJ Blend streams.

Notably, the refinery received a significant boost with the arrival of the sixth batch of barrels of crude, completing the initial scheduled consignment of six million barrels for commencement of operations. This final delivery, consisting of one million barrels of Agbami crude via MT ALMI SUN, followed previous shipments from Shell International Trading and Shipping Company Limited (STASCO), a major player in global crude oil trading.

A month ago, Dangote Refinery received its first one million barrels of Agbami crude from STASCO, marking a critical milestone in its journey towards operational commencement. Managing Director of Dangote Ports Operations, Mr. Akin Omole, expressed confidence that the refinery would be well-positioned to commence full-scale operations following the successful delivery of the six million barrels of crude.

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