Africa’s giant refinery in Lagos State, Dangote Refinery is preparing to import crude from the U.S. in the coming weeks, as the refinery valued at $20 billion intensifies its move to hit the market with refined oil products.
Dangote Refinery, named after its owner Aliko Dangote, began operations on 12 January to end Nigeria’s years-long reliance on refined petroleum products since its launch in May 2023.
Bloomberg, quoting individuals about the business deal, reported on Monday that the new refinery is expecting two million barrels of West Texas Intermediate (WTI) Midland from the US-based oil trader, Trafigura Group, in February.
The agreement is a sign of just how competitive American barrels have become in the global market, Bloomberg said.
The supply from the US will supplement Dangote’s domestic crude supplies from the Nigerian National Petroleum Company Limited, NNPCL, the country’s major oil company.
This is the first time the Dangote refinery is sourcing crude outside Nigeria, Bloomberg noted.
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