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Nigeria’s Dangote Oil Refinery Is Increasingly Skipping US Crude

1 year ago
in Business, Economy, Energy, Features, highlights, Home, home-news, latest News, Manufacturing, Markets
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Nigeria’s Dangote Oil Refinery Is Increasingly Skipping US Crude

– Nigeria’s Dangote mega-refinery is taking more of the country’s own oil for processing, while inflows from the US appear to be waning.

The plant is set to import just over four-fifths of its feedstock from domestic sources in the third quarter, data compiled by Bloomberg show. That compares with less than three-quarters in the prior quarter, according to tanker-tracking data and information from traders.

Oil prices were pressured last month on reports that the plant planned on re-selling some of the US barrels it previously purchased, underscoring the pivotal role Dangote already plays within Atlantic basin petroleum markets. The refinery’s efforts to dial back overseas crude purchases potentially leave more US export barrels competing for buyers elsewhere.

The pivot could even gather pace in the coming months. From October, the Nigerian government is starting a new system in which Dangote will be able to purchase crude in the local currency. The plan could involve as much as 445,000 barrels a day of the nation’s crude.

It’s not yet certain how much supply will be traded under the system but if used to its limit, the process could leave Dangote requiring hardly any overseas crude.

The refinery — near the nation’s commercial hub Lagos — has taken in more than 56 million barrels of crude since December as it completed test runs and gradually lifted processing. Of that, 78% has been local supply.

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A senior Dangote official declined to comment on the refinery’s future crude-procurement plans.

It took six cargoes of crude directly from state oil company Nigerian National Petroleum Co. for next month, a company spokesman said earlier this month. Most Nigerian cargoes are about one million barrels each. A further two shipments from Nigeria as well as two million barrels of WTI Midland are slated for September arrival, the tanker-tracking data show.

The plant will have taken in an average of almost 10 million barrels per month in the six months through September.

Inflows of American feedstock had been expected to increase significantly earlier in the summer.

However some of the US barrels it bought for this month and next were being resold, an official at Dangote Industries said in late July. It also scrapped two tenders in which it had been looking to purchase a further 6 million barrels of American crude for September, according to traders.

The changes may also leave fewer Nigerian barrels on offer for sale into Europe and Asia.

Source: bloomberg
Via: norvanreports
Tags: Dangote Oil refineryNigeria’s Dangote Oil Refinery Is Increasingly Skipping US CrudeUS Crude
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