Sponsored
Oil & Gas

Dangote Refinery Purchases Additional 5m Barrel of Crude Oil

Sponsored
Sponsored
Dangote Refinery is ramping up crude oil production with a purchase of an additional 5 million barrels from the United States of America, according to data from Bloomberg.

The data show that the refinery bought 5 million barrels of WTI Midland for delivery in August and September.

Additionally, the oil company also proposed a tender process to purchase an additional 6 million barrels of American crude for September.

Dangote has acquired over 16 million barrels of West Texas Intermediate crude oil this year, according to Bloomberg data.

According to Bloomberg’s tenders for new supply, the percentage of US crude to Nigerian is likely to rise in August and September.

Recall the Vice President of Oil and Gas of Dangote Industries Limited, Devakumar Edwin

had accused international oil companies (IOCs) in Nigeria of raising crude prices above market rates.

Edwin stated that price manipulation is forcing the refinery to buy oil from distant countries such as the United States, resulting in drastically higher prices.

He said that the IOCs are actively working to undermine Dangote Oil Refinery and Petrochemicals.

The $19 billion refinery will begin supplying Petrol this July, according to the chairman and CEO of the company, Aliko Dangote.

Dangote stated that the refinery will begin producing petrol between July 10 and 15, with supplies to local marketers beginning in the third week of the same month.

“We had a bit of delay, but PMS will start coming out by 10 to 15 of July. But then we want to keep it in the tank to make sure that it settles. So by the third week of July, we’ll be coming out to take it into the market,” Dangote said in May.

Sponsored
Funsho Arogundade

Recent Posts

Olanipekun Olukoyede: A Life of Integrity, Faith and Purpose

BY MICHAEL OJO  Some birthdays offer more than an opportunity to celebrate life; they invite…

55 minutes ago

ONC Hails Reps Vote Of Confidence On Tinubu, NNPCL, PINL, Says Extension Of Surveillance Contract Well Deserved

The Orashi National Congress, ONC, the apex socio-cultural organisation of Abua/Odual, Ahoada East, Ahoada West…

2 hours ago

Group Scores Gov. Douye Diri High On Road Infrastructure, Tasks Him On Kolokuma-Opokuma And Ogbia Roads

The Bayelsa Progressive Patriotic Forum (BPPF), a pro-APC group under the leadership of Comrade Kemelayefa…

2 hours ago

Military Aircraft Crashes: Matters Arising By Isa Kashim

  A Nigerian Air Force ATR-42 military aircraft crashed recently in a swampy area near…

4 hours ago

Oluatuegwu As A True Progressive For Greater Good

CHRISTIAN ABURIME The appointment of Governor Chukwuma Charles Soludo, CFR, as the Anambra State Coordinator…

4 hours ago

Man In Trouble For Failing To Produce Suspect After Standing As N13m Surety In Lagos

CYRIACUS IZUEKWE  A man, Olamilekan Olatunji, has been arraigned before a Magistrate Court in Lagos…

7 hours ago
Sponsored