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DANGOTE REFINERY
Nigeria’s Dangote oil refinery is poised to slash the annual $17 billion gasoline importation from Europe to Africa, placing additional stress on European refineries threatened by rising competitive forces.
Analysts at S&P Global Commodity Insights revealed that Nigeria has become the largest importer of refined petrol in Africa as petrol shipments from Europe to Africa increase.
Aliko Dangote is reportedly in the process of establishing an oil trading division, potentially situated in London.
Africa’s largest refinery, the Dangote Petroleum Refinery, has initiated tenders to sell two fuel cargoes for export.
Dangote refinery is preparing to import crude from the US in the forthcoming months, signalling the increasing competitiveness of American barrels in the global market.
NNPC Ltd has acquired a 20% stake in Dangote refinery for $2.76 billion through a $1.036 funding from Lekki Refinery Funding Limited.
Dangote Refinery has officially registered three major oil marketers accounting for approximately 75% of the overall market.
Eterna Plc has signed a deal with Dangote Petrochemical Refinery to become an official sales distributor of their products in Nigeria.
The Major Oil Marketers Association of Nigeria (MOMAN) comprising its seven members has met with enrolled with the Dangote Petroleum Refinery to purchase and distribute refined petroleum products from the refinery.
The Dangote Refinery has started production on Friday, January 12, 2024. The largest single-train refinery in the world started operations in the early hours of Friday.
Dangote refinery is poised to commence test runs this week, having received its sixth 1 million barrel of crude cargo on Monday, according to a company official who spoke to Reuters.
Dangote Petroleum Refinery has received its fifth shipment of crude oil, comprising one million barrels of Bonny Light, from the Nigerian National Petroleum Corporation Limited (NNPCL).