Dangote Refinery Ramps Up Nigerian Crude Purchases
Large oil storage tank used for gasoline storage at an industrial fuel facility in Africa.
Dangote Petroleum Refinery has secured at least 16 million barrels of Nigerian crude for October, strengthening its access to domestic supplies as global oil markets face disruptions. The purchases, assembled through Nigerian National Petroleum Company allocations, tenders, and spot-market transactions, amount to about 520,000 barrels per day and would cover most of the refinery’s 700,000-barrel daily requirements. NNPC is expected to supply eight Nigerian crude cargoes, alongside one US WTI Midland shipment, while additional purchases have increased the confirmed volume. The shift leaves less oil available for export as international buyers, including Chinese refiners, compete for non-Middle Eastern supply. The development comes ahead of Dangote’s planned IPO, expected to open on September 14.