Oil and Gas
Dangote refinery imports 2m barrel of UAE crude for first time—traders
Dangote refinery has imported 2 million barrels of crude from ADNOC of the United Arab Emirates, traders told Reuters, marking its first such purchases of crude from the Middle Eastern producer.
The purchases come as global crude markets have weakened sharply as more oil shipments transited the Strait of Hormuz following the U.S.-Iran ceasefire earlier this month and as demand in Asia has weakened, freeing up more Middle Eastern crude supply for other regions.
Dangote imported one cargo of Umm Lulu crude and another of either Das or Murban crude in June, three sources told Reuters.
The Dangote refinery declined to comment, while ADNOC did not immediately respond to a Reuters request for comment.
The refinery receives about five to seven crude cargoes a month from Nigeria’s state-owned NNPC, benefiting from lower shipping costs, but has previously said it requires about 13 to 15 cargoes per month.
The Dangote refinery, which has turned into a major exporter of middle distillates to Europe due to fuel shortages linked to disruption of shipping through the strait, also sourced up to 65,000 bpd of Libyan crude in May, according to Kpler data. Reuters
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