NIGERIA’S new Dangote mega-refinery is lapping up ever more US crude, bringing the barrels thousands of miles across the Atlantic ocean.
Dangote bought more than 16 million barrels of West Texas Intermediate crude oil so far this year, data compiled by Bloomberg show. In August and September, the proportion it will take from the US — as opposed to Nigerian barrels — may be set to rise, based on tenders for new supply seen by Bloomberg.
For Nigeria and Dangote, the use of US crude likely reflects where there are spare barrels available to buy in the world and the most competitive price. The refinery has been billed as a way of helping Nigeria wean itself off foreign fuel supplies. – Bloomberg