The Dangote Petroleum Refinery has purchased two cargoes of crude oil from the United Arab Emirates (UAE), marking its first-ever procurement of UAE crude as it diversifies its feedstock sources amid continued constraints in Nigeria’s domestic crude supply.
According to a company source involved in the refinery’s operations, cited by S&P Global Commodity Insights, the incoming cargoes are the first that the 650,000-barrels-per-day refinery has sourced from a Middle Eastern supplier.
The purchases signal a shift from the Nigerian, African and United States crude grades that have traditionally supplied the refinery.
The transactions followed the return of Middle Eastern crude exports to the global market after the US and Iran reached an interim peace agreement guaranteeing safe passage through the Strait of Hormuz.
The development encouraged the return of oil tankers to the Gulf and increased the availability of crude from the region.
