Dangote Refinery sells imported and local crude

Dangote Petroleum Refinery is reselling crude oil cargoes from the US and Nigeria due to technical challenges at the refinery. The refinery, which began production in January 2024, aims to be the largest in Africa and Europe once fully operational. Despite claims of operational issues affecting the crude distillation unit (CDU), a Dangote executive insists that the CDU is functional. The refinery has been importing several crude cargoes a month, including Nigerian Escravos and Forcados crude, as well as US WTI Midland crude. The $20 billion facility, constructed by Africa's wealthiest individual Aliko Dangote, aims to eliminate Nigeria's dependency on imported fuel. However, the current technical issues pose a significant hurdle to achieving this goal. The refinery plans to meet Nigeria's entire demand for refined petroleum products and generate a surplus for export. Meanwhile, the Dangote Group plans to list its refinery and fertilizer subsidiary on the Nigerian stock exchange by early 2025 to alleviate foreign exchange pressures on the Nigerian economy. Culled /Agency Report