Nigeria’s 650,000-barrel-per-day Dangote refinery has imported 2 million barrels of crude oil from ADNOC in the United Arab Emirates. The deal marks the refinery’s first purchase of crude from the Middle Eastern producer.
The refinery made the purchases as global crude markets weakened following the resumption of oil shipments through the Strait of Hormuz after the U.S.-Iran ceasefire earlier this month. At the same time, weaker demand across Asia left more Middle Eastern crude available for buyers in other regions.
The refinery imported one cargo of Umm Lulu crude and another cargo of either Das or Murban crude in June.
Dangote typically receives between five and seven crude cargoes each month from Nigeria’s state-owned NNPC, taking advantage of lower shipping costs. However, the company has previously stated that it needs between 13 and 15 cargoes every month to meet its requirements.
The refinery has become a major exporter of middle distillates to Europe, where fuel shortages have followed disruptions to shipping through the Strait of Hormuz. According to Kpler data, Dangote also imported up to 65,000 barrels per day of Libyan crude in May.
source: reuters
African Energy Council