Dangote Refinery has made its first purchase of Algeria’s light sweet Saharan Blend crude, according to market sources cited by Argus Media, a leading global energy intelligence provider.
- Dangote Refinery purchased its first cargo of Algeria’s Saharan Blend crude.
- The 650,000 barrels per day refinery acquired a 1 million-barrel cargo from Glencore.
- The refinery has over N600 billion worth of petrol in storage, reducing Nigeria’s fuel imports and lowering fuel prices.
Dangote Refinery has made its first purchase of Algeria’s light sweet Saharan Blend crude, according to market sources cited by Argus Media, a leading global energy intelligence provider.
Reports indicate that the 650,000 barrels per day refinery, acquired a 1 million-barrel cargo from Glencore last week, with delivery expected between March 15 and 20.
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The $20 billion facility, built by Nigerian Africa’s richest man, Aliko Dangote, began processing diesel, naphtha, and jet fuel in January last year, followed by petrol production in September.
On February 10, Edwin Devakumar, Vice President of Dangote Industries Limited (DIL), stated that the refinery could reach full capacity within 30 days.
However, while the refinery outranks Europe’s 10 largest refining facilities, it has struggled to secure sufficient local crude. To address this, it was set to receive 12 million barrels of crude oil from the United States in February, following an earlier supply of 24 million barrels of Nigerian crude in October and November last year.
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Meanwhile, Aliko Dangote reassured Nigerians that the refinery has over N600 billion worth of petrol (PMS) in storage, enough to meet the country’s fuel needs.
Despite some challenges, the refinery has already helped reduce Nigeria’s dependence on fuel imports. Since its launch last year, competition among major players in the industry has intensified, driving fuel prices lower and offering much-needed relief to consumers.
