adsNigeria’s Dangote refinery has bought at least 16 million barrels of Nigerian crude for October arrival, according to four industry sources, in line with recent months and much higher than last year’s average as Africa’s largest refinery ramps up processing.
Dangote’s 16 million barrels, made up of monthly allocations from Nigerian National Petroleum Company and volumes bought in a tender, equal around 520,000 barrels per day. That accounts for most of the 700,000-bpd refinery’s monthly intake.
The plant is preparing for an initial public offering, in which feedstock supply is in focus for investors. Its purchases will curb volumes of Nigerian crude available for export at a time of high demand due to the Iran war drastically cutting competing supply from the Middle East.
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The final total may rise if Dangote procures more crude. Dangote did not respond to a request for comment.
