Does Nigerian National Petroleum buy oil from other oil producers?
¡°Aside from Nigerian National Petroleum Corp., to date we have only purchased crude directly from one other local producer,¡± Devakumar Edwin, head of oil and gas at operator Dangote Industries Ltd., said in a statement. ¡°All other producers refer us to their international trading arms.¡±
What is Dangote Refinery?
The Dangote Refinery is an oil refinery owned by Dangote Group that was inaugurated on 22 May 2023 in Lekki, Nigeria. When fully operational, it is expected to have the capacity to process about 650,000 barrels of crude oil per day, making it the largest single-train refinery in the world. The investment is over US$19 billion.
Why is Nigeria’s new refinery being priced out of local crude?
(Bloomberg) — Nigeria¡¯s giant new refinery is being priced out of local crude, forcing the plant to rely on supplies from abroad, according to its operator. The 650,000-barrel-a-day refinery, which is still in the process of ramping up to full capacity, was billed as key to ending Nigeria¡¯s dependence on foreign fuel.
Why did Nigerian oil refiners have to disclose price quotes?
The local industry regulator this month ordered crude suppliers and refiners to disclose monthly price quotes to improve transparency. That followed complaints from refiners, including Dangote, that they were unable to buy Nigerian crude from international suppliers operating in the West African nation.