• Home
  • About Us
  • Contact Us
Monday, June 30, 2025
Star Lite News
  • Home
  • News
    • All
    • Business
    NYSC

    NYSC Sanctions Corps Member Raye Over Criticism of President Tinubu, Sparks Outrage

    Suspension

    Benue Governor Alia Suspends Chief Press Secretary Indefinitely

    EFCC

    EFCC Declares MD Of Fargo Oil Firm Wanted Over N976million Fraud

    EFCC-SunTrust SunTrust Bank Ltd.

    EFCC Arraigns Sun Trust Bank CEO, Executive Director, Halima Buba and Innocent Mbagwu Over ‘$12m Money Laundering’

    Olubunmi Tunji-Ojo-Public Holiday

    FG Declares Two Days Public Holiday For Sallah

    WAEC Candidate

    Tragedy in Ibadan: WAEC Candidate Killed by Stray Bullet During Police Chase

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Entertainment
    Mike Ejeagha

    ‘Gwogwogwo’ Music Legend Mike Ejeagha, Dies At 95 After Battling Prostate Cancer For 16 Years

    AMVCA

    AMVCA 2025 Awards: Full List Of Winners As Chioma Chukwuka, Femi Adebayo Win Best Actress, Actor

    Nathaniel Bassey

    Nigeria’s Gospel Music Maestro Nathaniel Bassey To Minister At Trump’s Inaugural Prayer Breakfast

    Doris Ogah

    Doris Ogah Becomes 45th Miss Nigeria

    Netflix

    Netflix Investments Give Life To Nollywood Projects

    BBNaija

    STREEZE become the third pair of housemates to be evicted from season 9 of the #BBNaija show

  • Lifestyle
    • All
    • Food
    GTCO Food and Drinks Festival

    Announcing The 2024 GTCO Food And Drink Festival: A Celebration Of Authentic Flavours

    MKH staff celebrate Chairman’s Mother as she clocks 66…

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • Business
  • Politics
  • World
No Result
View All Result
  • Home
  • News
    • All
    • Business
    NYSC

    NYSC Sanctions Corps Member Raye Over Criticism of President Tinubu, Sparks Outrage

    Suspension

    Benue Governor Alia Suspends Chief Press Secretary Indefinitely

    EFCC

    EFCC Declares MD Of Fargo Oil Firm Wanted Over N976million Fraud

    EFCC-SunTrust SunTrust Bank Ltd.

    EFCC Arraigns Sun Trust Bank CEO, Executive Director, Halima Buba and Innocent Mbagwu Over ‘$12m Money Laundering’

    Olubunmi Tunji-Ojo-Public Holiday

    FG Declares Two Days Public Holiday For Sallah

    WAEC Candidate

    Tragedy in Ibadan: WAEC Candidate Killed by Stray Bullet During Police Chase

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Entertainment
    Mike Ejeagha

    ‘Gwogwogwo’ Music Legend Mike Ejeagha, Dies At 95 After Battling Prostate Cancer For 16 Years

    AMVCA

    AMVCA 2025 Awards: Full List Of Winners As Chioma Chukwuka, Femi Adebayo Win Best Actress, Actor

    Nathaniel Bassey

    Nigeria’s Gospel Music Maestro Nathaniel Bassey To Minister At Trump’s Inaugural Prayer Breakfast

    Doris Ogah

    Doris Ogah Becomes 45th Miss Nigeria

    Netflix

    Netflix Investments Give Life To Nollywood Projects

    BBNaija

    STREEZE become the third pair of housemates to be evicted from season 9 of the #BBNaija show

  • Lifestyle
    • All
    • Food
    GTCO Food and Drinks Festival

    Announcing The 2024 GTCO Food And Drink Festival: A Celebration Of Authentic Flavours

    MKH staff celebrate Chairman’s Mother as she clocks 66…

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • Business
  • Politics
  • World
No Result
View All Result
Star Lite News
No Result
View All Result
Home Business

Dangote Refinery imports additional 11m barrels of US crude oil due to domestic supply shortage

starliteadmin by starliteadmin
July 12, 2024
in Business
0
Dangote Refinery
0
SHARES
0
VIEWS
Share on FacebookShare on WhatsAppShare on Twitter

Dangote Petroleum Refinery and Petrochemicals has issued a tender for an additional 11 million barrels of US crude oil over the next six months due to Nigerian crude oil producers’ inability to meet its feedstock requirements.

The 650,000 barrels per day refinery has already received 9 million barrels of West Texas Intermediate crude from the US since the beginning of 2024 to offset unreliable domestic supplies. The new tender, closing on July 21, aims to procure two million barrels per month of WTI Midland crude for the world’s largest single-train facility located in Ibeju Lekki, Lagos, for the next six months starting in August.

In a tender reported by Bloomberg, Dangote Refinery purchased five million barrels of West Texas Intermediate (WTI) Midland crude for delivery in the upcoming months of August and September. Additionally, the company initiated a tender process to acquire an additional six million barrels of American crude for September.
This reliance on US crude highlights Nigeria’s challenges in meeting its own refining needs, attributed to issues such as crude theft, aging infrastructure, and underinvestment, which have led to a decline in production. In April, Nigeria’s daily output was only 1.45 million barrels, well below its capacity of 2.6 million barrels per day. The country recorded an estimated 30 million barrels underproduction in the first four months of 2024.
Dangote Refinery, crucial to Nigeria’s goal of becoming a net exporter of petroleum products, has found it necessary to import crude to sustain operations amidst insufficient domestic supply.

President of Dangote Group, Aliko Dangote, stated during the Africa CEO Forum 2024 that the refinery will need to continue importing crude as production scales up and alternative supply contracts are sought.

“It also makes economic sense for us to tender for crude. If we could source 100 percent Nigerian crude, then fine, but we can’t wait,” said Dangote.
Commenting on the challenge with sourcing crude locally, Dangote added, “there is a bit of a problem for us to source the entire volume of crude that we’re looking for domestically because we need different types and mixes. Unless crude production improves – which we pray and hope for – we need to go elsewhere.”

The refinery took in more than 41 million barrels of feedstock in the first half of the year as it completed test runs and gradually increased processing rates, tanker-tracking data show. Of that, about a quarter has been American supply.
According to CAS, the refinery took delivery of 11 WTI cargoes, or 9 million barrels, between February and May, contrasting with around 18 million barrels of Nigerian crude deliveries.

Nigerian National Petroleum Company (NNPC), NNPC has struggled to meet its 300,000 barrels per day obligation to the refinery due to operational constraints.
International financial analytics corporation, S&P Global, recently described the Dangote Petroleum Refinery and Petrochemicals company as capable of resolving Nigeria’s foreign exchange (forex) issue and its huge pressure on the local Naira currency, while also catalysing the country’s economic development.

S&P Global, headquartered in Manhattan, New York City, disclosed this during an onsite visit to the refinery as part of its sovereign credit ratings assessment of Nigeria. The team from the international rating agency were accompanied by officials from the Federal Ministry of Finance.

S&P noted that the refinery would bolster Nigeria’s oil sector and, more importantly, also have a positive impact on its growing economy.

Currently operating at 350,000 barrels per day capacity, Vice President of Oil and Gas at Dangote Industries Limited (DIL), Devakumar Edwin, recently disclosed that the refinery would scale up to at least 500,000 barrels per day capacity by July/August, commencing the refining of petrol and ultra-low sulphur diesel.

He noted that the refinery, designed to process a wide range of crudes including various African and Middle Eastern crudes, as well as US Light Oil, conforms to Euro V specifications. In addition, it is designed to comply with US EPA, European Union (EU) emission norms, the Department of Petroleum Resources (DPR) emission/effluent norms, and the African Refiners and Distribution Association (ARDA) standards.

While noting that most refineries were built by foreign companies, he said it is a thing of pride that a Nigerian company designed and built the world’s largest single-train refinery complex while acting directly as its own Engineering, Procurement, and Construction (EPC) contractor. The refinery which also incorporates a self-sufficient marine facility capable of handling the world’s largest vessels, can meet 100% of Nigeria’s requirement of all liquid products (Gasoline, Diesel, Kerosene & Aviation Jet) and have surplus of each of these products for export.

Tags: Africa CEO Forum 2024Aliko DangoteDangote Petroleum Refinery and PetrochemicalsDevakumar EdwinDILPresident of Dangote GroupStarlitenewsVice President of Oil and Gas at Dangote Industries Limited
Previous Post

Eko Heritage Awards 2024: Akmodel Group MD, Mr. Macaroni, Kiekie, Iyabo Ojo, Commissioner Dj Wysei etc Graces Event At Lagos Oriental Hotels

Next Post

Access Bank Targets Top 20 Position In UK, $1bn Profit By 2027

starliteadmin

starliteadmin

Related Posts

Dangote

Dangote is the Pride of Nigeria’s Financial Market, Says NGX Group Chairman

by starliteadmin
June 26, 2025
0

The Group Chairman of Nigerian Exchange Group (NGX Group), Alhaji (Dr.) Umaru Kwairanga, has praised the President/Chief Executive, Dangote Group,...

Dangote Petroleum Refinery

Dangote Refinery’s Fuel Distribution Plan A Boost To CNG Initiative, Says Presidency

by starliteadmin
June 26, 2025
0

The Presidential Compressed Natural Gas Initiative (PCNGI) has welcomed the Dangote Refinery’s fuel distribution plan that will see it deploying...

Dangote Cement

Dangote Cement EBITDA Crosses N1 Trillion Mark as Shareholders Smile Home with N30 Dividend Per Share

by starliteadmin
June 25, 2025
0

For the first time since its inception, Dangote Cement Group’s earnings before interest, taxes, depreciation, and amortization (EBITDA) reached an...

Dangote Cement

Dangote Cement Ibese trains Host Community leaders for optimal performance

by starliteadmin
June 24, 2025
0

As part of its commitment to strengthening local content and community engagement, Dangote Cement Plc., Ibese Plant, has held its...

2024: Dangote pays N502.6 billion to Cement Shareholders as Dividends

2024: Dangote pays N502.6 billion to Cement Shareholders as Dividends

by starliteadmin
June 23, 2025
0

Shareholders of Dangote Cement on Monday were full of praise for the Board, Management, and staff of the company after...

Visa Centres

FG seals-off visa centres of 3 countries in Abuja for alleged obstruction of investigation

by starliteadmin
June 20, 2025
0

The federal government, through the Federal Competition and Consumer Protection Commission (FCCPC), has sealed-off France, Belgium and Italy visa centres...

Next Post
Access Bank

Access Bank Targets Top 20 Position In UK, $1bn Profit By 2027

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Popular Posts

  • Tinubu and Timothy

    Prince Chukwudi Timothy Appeals For Dialogue Instead Of Nationwide Protest

    0 shares
    Share 0 Tweet 0
  • Peter Obi says victory of Christ the King College at World Affairs Challenge heartwarming

    0 shares
    Share 0 Tweet 0
  • Family reveals Ifeanyi Ubah’s burial date

    0 shares
    Share 0 Tweet 0
  • ACEACRES24: Akmodel MD Makes Presentations At The 2Days Event (Photos)

    0 shares
    Share 0 Tweet 0
  • Legends of Nollywood Financial Summit Is Here, Meet The Speakers: Apostle Anselm Madubuko, Mrs. Bukola Agbaminoja, Pst. Moji Bakare Asieru-sweet, Others

    0 shares
    Share 0 Tweet 0

Recent Posts

  • 22 years after, Child Rights Act still fails to protect Nigerian children – CPN
  • Builder Dr. Abdulhakeem Odegade Reappoints Paul Obazele as Akmodel Group Brand Ambassador
  • Builder (Dr.) Abdulhakeem Odegade Shines at 13th Pan African International Conference (Photos)
  • Dangote is the Pride of Nigeria’s Financial Market, Says NGX Group Chairman
  • Fidelity Bank hits N1trn market cap after share price increase
Starlite news icon

Browse by Category

Archives

  • Home
  • About Us
  • Contact Us

© 2022 | Crafted with ❤ by Claridan - Adsvance Digitals.

No Result
View All Result
  • Contact Us
  • About Us
  • Business
  • Politics
  • World
  • Entertainment
  • Lifestyle

© 2022 | Crafted with ❤ by Claridan - Adsvance Digitals.

  • https://starlitenews.com.ng/2024/04/29/zenith-bank-poised-for-growth-as-shareholders-approve-holdco-structure/
  • https://starlitenews.com.ng/2024/05/23/commander-pantoprazole-en-ligne/
  • https://starlitenews.com.ng/2024/02/27/fbnh-is-now-the-leading-banking-stock-in-nigeria-surpassing-gtco/
  • https://starlitenews.com.ng/2024/02/25/fg-cautions-nlc-to-shelve-planned-nationwide-strike/
  • https://starlitenews.com.ng/2024/07/29/president-tinubu-signs-%e2%82%a670000-new-minimum-wage-bill-into-law/