Dangote refinery orders Algerian crude over local shortfall.
Refineries in India have turned to Nigeria for the supply of crude oil following a drop in imports from Russia.
This came as the Dangote Petroleum Refinery in Lekki, Lagos, has successfully purchased its first shipment of one million barrels of Algeria’s high-quality light sweet Saharan Blend crude
It was reports that India’s crude oil imports from Russia witnessed a significant decline in February, reaching their lowest level since January 2023.
The report stated that the downturn follows the latest round of sanctions imposed by the United States and the United Kingdom on Russian energy firms and oil tankers, which have disrupted shipments to major buyers.
The PUNCH reports that as the leading oil-producing country in Africa, Nigeria ramped crude production to 1.5 million barrels per day in January, meeting its OPEC quota for the first time in three years.
Despite this, local refineries in Nigeria still complain of crude shortages.
The Dangote Petroleum Refinery, for instance, successfully purchased its first shipment of one million barrels of Algeria’s high-quality light sweet Saharan Blend crude oil, a report by Argus has revealed.
This marks a significant step for the refinery as it diversifies its crude oil supply sources and reaches its full daily refining capacity of 650,000 barrels.
Source: PUNCHNG
