BY Bunmi Aduloju
The Dangote Petroleum Refinery is due to receive up to 400,000 barrels per day (bpd) of Nigerian crude over the next two months.
According to a Bloomberg report on Monday, the refinery is slated to take delivery of about 24 million barrels of Nigerian supply in October and November, as it increasingly turns to local feedstock.
The 650,000 bpd plant is expected to receive 13 to 14 shipments out of Nigeria’s monthly programme of about 50 cargoes, Bloomberg said.
According to the report, some shipments may not be delivered as planned over the next two months as October’s list includes two cargoes already delayed from September.
Nevertheless, according to data collated by Bloomberg, the scheduled volume is significantly larger than the average 255,000 bpd of Nigerian oil taken by Dangote over the first half of the year as it gradually ramped up processing.
The latest allocations suggest that the Dangote refinery has continued to curtail its buying of US crude, traders told Bloomberg.
On July 29, the federal executive council (FEC) approved a proposal by Tinubu directing the Nigerian National Petroleum Company (NNPC) Limited to sell crude oil to the Dangote refinery and other refineries in naira.
The federal government said the naira-based deal would commence on October 1.
On September 30, Eche Idoko, publicity secretary of Crude Oil Refinery-owners Association of Nigeria (CORAN), had said the sale would start with refineries producing petrol.
Three days later, the Nigerian Ports Authority (NPA) said it had commenced the implementation of the federal government directive to coordinate service provision from all stakeholders for the smooth sale of crude oil in naira to the Dangote refinery.
On October 5, the federal government announced that Nigeria had officially commenced the sale of crude oil and refined petroleum products in naira.
This website uses cookies.