Bloomberg reports that the Dangote refinery has ordered 5 million barrels of US crude for delivery next month and September.
According to the July 11 article, the refining company has also initiated a bidding procedure in which it plans to purchase an additional 6 million barrels of American crude for September.
According to the article, the Dangote refinery has imported more than 16 million barrels of West Texas Intermediate crude oil this year.
According to tenders for additional supplies reviewed by Bloomberg, the proportion of its purchases from the United States may climb in August and September.
The report reads:
“For Nigeria and Dangote, the use of US crude likely reflects where there are spare barrels available to buy in the world and the most competitive price.”
“The refinery has been billed as a way of helping Nigeria wean itself off foreign fuel supplies.
“The refinery near Lagos mostly runs on local crude supplies that can reach the plant from offshore terminals in as little as a couple of days.”
According to the study, the Dangote refinery received more than 41 million barrels of feedstock in the first half of the year while conducting test runs and gradually increasing processing rates.
According to Bloomberg, American supply accounts for roughly one-quarter of that total.
Bloomberg reported that the current purchase might dramatically enhance inflows of American feedstock.
In May, the refinery announced plans to import 24 million barrels of petroleum from the United States for more than a year.
