Jonathan Nwokpor
According to Bloomberg, the Dangote refinery plans to import oil from the US in the upcoming months.
Trafigura Group is anticipated to sell the Dangote refinery 2 million barrels of WTI Midland for delivery by the end of February, according to Bloomberg, which cited traders with knowledge of the transaction.
According to insiders, this is the first time the massive refinery has bought oil from a country other than Nigeria.
Although the reason behind a refinery in a major oil-producing nation purchasing from the US is unknown, traders speculate that price is probably a role.
Barrels from West Texas Intermediate Midland are less expensive than those from Nigeria, which are priced in relation to Brent, the North Sea grade.
The richest man in Africa, Aliko Dangote, who owns a 650,000 barrel-per-day oil refinery, announced that petrol production would start in March of this year.
According to the ZINGTIE, the Dangote refinery said in January of this year that it had begun operations following the receipt of the last batch of the six million barrels of crude oil supply as part of a supply agreement with the Nigerian National Petroleum Company Limited.
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