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The Dangote Petrochemical Refinery is set to import at least 5 million barrels of US West Texas Intermediate (WTI) crude oil in July, according to a Reuters report. The refinery has awarded tenders for the purchase of around 161,000 barrels per day of US crude to be delivered in July.

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Edwin Devakumar, Head of the Dangote Oil Refinery, explained, “We can take only what they are giving to us from Nigeria; this is a known fact. We have to import the rest.” The refinery is increasingly turning to foreign crude to meet its operational needs.

The report cited three trading sources, indicating that Vitol would supply 2 million barrels, Socar (Azerbaijan’s state oil firm) would supply another 2 million, and Glencore would supply the remaining 1 million. Although the plant’s crude slate is primarily Nigerian, Dangote has been steadily importing WTI since March 2024

According to the report, the refinery is expected to operate at reduced rates through October due to a series of issues. However, a spokesperson for the refinery told Reuters that it is ramping up towards 85% (552,500 barrels) operating capacity.

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In related news, oil and gas companies operating in Nigeria increased their borrowing from deposit money banks by N3.25tn between December 2023 and December 2024, according to figures obtained from the Central Bank of Nigeria. The total credit extended to oil and gas firms rose from N8.36tn in December 2023 to N11.61tn in December 2024, representing a 38.8% increase within the one-year period.

The Central Bank of Nigeria also increased foreign exchange utilization for the oil refining sector from $82m in 2023 to $189.93m in 2024

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