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.
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.
“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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