Dangote Refinery To Buy 24M Barrels Of Crude From US

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Dangote Refinery has made arrangements to buy at least 24 million barrels of US crude oil over the next year as it increases its processing capabilities, according to a report by Bloomberg.

 

According to the report, Dangote refinery has issued a term tender to buy two million barrels per month of West Texas Intermediate Midland crude for a year starting in July, which amounts to 24 million barrels of West Texas Intermediate Midland crude.

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According to the report, ”the request for foreign oil by a refinery located in Africa’s top producing country demonstrates the significant role the facility will play in the international crude and fuel markets.

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“It Is set to become the largest refinery in Africa once it is fully operational. The tender will close at 3 p.m. on May 21. “This tender illustrates the challenges faced by Nigerian crude in competing with American supplies, according to one trader dealing in West African crude.”

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