The Dangote Petroleum Refinery has purchased two cargoes of crude oil from the United Arab Emirates, UAE.
S&P Global Commodity Insights reported that the latest crude import from the UAE is the first-ever procurement of Middle Eastern crude as the plant expands its feedstock sources amid persistent domestic supply constraints from Nigerian National Petroleum Company Limited, NNPCL.
The refinery, designed primarily to process Nigeria’s light sweet crude, has increasingly diversified its crude slate as operations ramp up optimally.
According to S&P Global, the refinery has been broadening the range of crude grades it processes as part of its ambition to operate as a fully merchant refinery. The report said that in 2025, about 70 per cent of the refinery’s crude imports came from Nigeria, while 24 per cent originated from the United States.
It would be recalled that the NNPCL had guaranteed the supply of between 13 and 15 cargoes of Nigerian crude monthly in naira in an agreement called the naira-for-crude deal, helping the refinery reduce its foreign exchange exposure.
However, despite the deal, domestic crude supply to the mega-refinery had been facing constraints.
Speaking earlier this year, Bird said the refinery intended to increase the share of heavier crude grades in its feedstock mix. “We definitely want to heavy up the barrel,” Bird said in April.
The reports said that crude oil prices had eased to less than $70 per barrel last week but began rising on Monday following the latest strikes by the United States and Iran despite the completion of the peace deal.
Discover more from The STATESMAN Newspaper
Subscribe to get the latest posts sent to your email.
Post Disclaimer
THE STATESMAN NEWSPAPER make no representations or warranties of any kind, express or implied, about the stories hereon as the statements are purely of the news makers.
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from THE STATESMAN NEWSPAPER.
Contact:
