The Nigerian $20 billion indigenous refinery, which is still in the process of ramping up to full capacity, is set to receive a shipment of one million barrels of Tupi crude from Brazil in the latter half of next month. This adds to the substantial amount of overseas crude feedstock that the refinery has been importing.
Bloomberg reports that the Dangote refinery, touted as a key player in reducing Nigeria's reliance on foreign fuel, has already secured millions of barrels of American crude. Traders familiar with the matter suggest that the latest procurement of non-Nigerian crude likely reflects the most cost-effective and suitable options available.
As of now, the Dangote refinery has not officially responded to inquiries regarding this development.
This news follows a recent purchase on July 11, 2024, where the refinery acquired five million barrels of US crude scheduled for delivery next month and in September. Additionally, in May, the refinery planned to import 24 million barrels of US crude over the next year.
The situation arises amidst allegations by Dangote Refinery that international oil companies are hindering its full-scale operations by selling crude at elevated prices. The company had previously announced its intention to begin fuel supply within Nigeria by mid-July 2024.
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