Dangote Refinery resumes crude oil imports from US after three months break

The Dangote Refinery, Africa’s largest, has resumed the importation of crude oil from the United States after a three-month hiatus.

This move comes as the refinery continues to ramp up its production capacity and meet growing domestic and regional fuel demand.

A report by Bloomberg on Wednesday said the cargo conveying two million barrels of WTI Midland crude from Chevron Corp is due to be delivered to the refinery next month.

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This shipment is expected to arrive at the 650,000 barrels per day (bpd) petrochemical plant in Lagos next month.

This alleged new development is coming three months after the refinery committed to buying crude exclusively from Nigeria.

In the early stages of the refinery’s attempt to refine Premium Motor Spirits (PMS), often known as petrol, the Dangote refinery procured crude from external markets.

This was owing to the fact that Nigeria sold its crude to the refinery in dollars amongst other complications that hindered securing adequate crude from the West African country.

However, early in October, the Nigerian government decided to sell crude in its local currency to the refinery, prompting projections that Dangote would not import crude any longer.

Despite this, a report by Bloomberg revealed that the Dangote refinery may have decided on importing crude from the US yet again.

According to an anonymous source with knowledge of the transactions, the refinery acquired about two million barrels of WTI Midland crude from Chevron Corp., which is set to be delivered in a month’s time.

Earlier this year, the refinery obtained one or two supertankers of US oil every month, in addition to domestic inventory.