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Nairaland Forum / Nairaland / General / Politics / Dangote Refunery Now Buying Crude Oil From The US (1832 Views)
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Dangote Refunery Now Buying Crude Oil From The US by Akinomoakin021: 6:04pm On Jan 29 |
Nigeria’s giant new oil refinery Dangote, the largest in Africa, is set to import crude from the US in the coming months, a sign of just how competitive American barrels have become in the global market. Trafigura Group sold 2 million barrels of WTI Midland to Dangote refinery for end-February delivery, said traders with knowledge of the matter. This is the first time that the giant refinery has purchased non-Nigerian crude, traders said. Booming US oil supply over the past decade or so has transformed the global market, reaching as far afield as Asia. Nigeria’s economy is dependent on petroleum exports, meaning the deliveries from across the Atlantic are telling. The new 650,000 barrel-a-day oil refinery, owned by Aliko Dangote, Africa’s richest person, started operations earlier this month. It is targeting an initial processing rate of 350,000 barrels a day before ramping up toward its full capacity. The refinery is sourcing domestic crude under a supply deal with the trading arm of the state company Nigerian National Petroleum Co. The first cargo that arrived at the plant last month was Nigeria’s Agbami crude, sold by a trading unit of Shell Plc. This was followed by more Nigerian barrels including the nation’s Amenam, Bonny Light and CJ Blend streams. 1 Like 1 Share |
Re: Dangote Refunery Now Buying Crude Oil From The US by solmusdesigns: 6:07pm On Jan 29 |
Crude Oil has grade and class.. I believe he wants to import Western Texas Oil More products, high yield, easily distilled 2 Likes 1 Share |
Re: Dangote Refunery Now Buying Crude Oil From The US by SeeWahala: 6:18pm On Jan 29 |
solmusdesigns: Can you imagine . . . 2 Likes |
Re: Dangote Refunery Now Buying Crude Oil From The US by clearcrystal: 6:25pm On Jan 29 |
Why |
Re: Dangote Refunery Now Buying Crude Oil From The US by gaby(m): 6:30pm On Jan 29 |
Lol Comedy Central of the World. Dangote refinery will reduce fuel prices and stem the disappearing Naira, indeed... 12 Likes 2 Shares |
Re: Dangote Refunery Now Buying Crude Oil From The US by Northernblood7(m): 6:32pm On Jan 29 |
The more you look, the less you see 3 Likes |
Re: Dangote Refunery Now Buying Crude Oil From The US by chicfarmer: 6:35pm On Jan 29 |
West Texas Intermediate, WTI is cheaper than Nigeria's Bonny Light crude or Brent. Dangote is simply looking after his bottom line. If Nigeria gives him a better deal he will dump WTI. It's just business, people. 1 Like 1 Share |
Re: Dangote Refunery Now Buying Crude Oil From The US by aribisala0(m): 6:38pm On Jan 29 |
solmusdesigns: In your mind you are making sense Is this Better than Bonny Light Do not talk in an attempt to sound knowledgeable Be quiet He is buying abroad because Buhari has sold oil that will be produced next month and spent the money. A lot of the oil in the ground has been sold and the money spent. Tinubu is not ready to confess 15 Likes 1 Share |
Re: Dangote Refunery Now Buying Crude Oil From The US by iwaeda: 6:41pm On Jan 29 |
Akinomoakin021: Dangote not ready. January is ending no single litre out. 4 Likes 1 Share |
Re: Dangote Refunery Now Buying Crude Oil From The US by aribisala0(m): 6:41pm On Jan 29 |
chicfarmer:That is an assumption Dangote did not tell you that . If it is cheaper there is a reason Stop talking ignorantly Nigeria does not have any oil to sell him . It has already been sold for weeks ahead and the money spent. That is why the Naira is crashing 10 Likes 1 Share |
Re: Dangote Refunery Now Buying Crude Oil From The US by Solofresh2: 6:42pm On Jan 29 |
Shege reloading |
Re: Dangote Refunery Now Buying Crude Oil From The US by ElSudani: 6:44pm On Jan 29 |
aribisala0: There are too many things some Nigerians don't understand. 1 Like |
Re: Dangote Refunery Now Buying Crude Oil From The US by chicfarmer: 7:04pm On Jan 29 |
aribisala0:America's Wti is cheaper because it is heavier to refine. Nigeria's crude is light and easier to refine and hence attracts a higher price, that is why it is sometimes referred to as sweet crude. Dangote also didn't inform you that we don't have crude to sell him. 3 Likes |
Re: Dangote Refunery Now Buying Crude Oil From The US by aribisala0(m): 7:14pm On Jan 29 |
chicfarmer: You have said nothing. It comes down to the numbers does higher price translate to more or less profit and or maintenance cost? There are several reports in the public domain that NNPC could not fully supply Dangote Oil.is sold by futures contracts. You don't just go to the market and buy oil. It doesn't work that way. NNPC has long standing customers and future contracts There are threads on Nairaland to that effect Even Tinubu has borrowed against unsold oil So it is not just a simple matter of diverting supply to Dangote He can only buy excess oil in the market that is not contracted. That is the most likely reason he is buying This couple with the fact his refinery is set up to refine most crude types This is public information |
Re: Dangote Refunery Now Buying Crude Oil From The US by Depriest2020: 7:31pm On Jan 29 |
So Nigeria no get enough oil to supply Dangote? |
Re: Dangote Refunery Now Buying Crude Oil From The US by abhosts(m): 7:35pm On Jan 29 |
The CBN gave tens of billions of dollars to dangote at cheap official rate with the expectation that it would save the country foreign exchange in return. If dangote wanted to import crude at global prices to for his refinery, he should have built the refinery with funds from oversees investors and not with cheap CBN dollars. 3 Likes |
Re: Dangote Refunery Now Buying Crude Oil From The US by tensazangetsu20(m): 8:24pm On Jan 29 |
Naira will definitely be exchanging for 5000 naira to a dollar when it happens. |
Re: Dangote Refunery Now Buying Crude Oil From The US by Taich(m): 8:24pm On Jan 29 |
gaby:. He will import, refine and sale in Naira to Nigerian markets according to Apc and other stories. Dollar will definitely get to 2k by the time he starts production. |
Re: Dangote Refunery Now Buying Crude Oil From The US by aribisala0(m): 8:30pm On Jan 29 |
abhosts:Many of you talk ignorantly Nigerian crude oil has to be sold at international price It is not optional Oil is extracted in Joint Venture agreements with Multinational companies like Shell,Mobil etc. They are not charities. They must be paid in dollars,at the market price. That is a contractual issue. From Dangotes perspective it makes no difference where the oil comes from he has to pay dollars Any attempt to sell Nigerian oil in Naira will cause problems for the likes of Chevron and trigger a court case 2 Likes 1 Share |
Re: Dangote Refunery Now Buying Crude Oil From The US by seborrhic: 8:33pm On Jan 29 |
All I see is the laying of the background for justifying the shocking price Dangote would put out. I can envisage what it will be:price to distributors at at least 700,retail price around 800-900.When he is asked,he says they have to access a part of the crude abroad which they pay in dollars,they point to you the exchange rate presently,thus they justify their shocking price. For those now saying if Dangote price is 800,people would be buying from fuel stations that sell at 600-650;I have a shocker for you. Importers would tell you they can't sell at 650,even anything less than the Dangote price because their is no longer subsidy and they too have been buying at high prices and since Dangote came on board,goverment no longer sells dollar to them at the official market rate. Nigerians gear up,fuel price will soon increase to 850-900,you would cry and murmur a bit,Ajaero will issue empty threats and soon the price becomes accepted and things go on. |
Re: Dangote Refunery Now Buying Crude Oil From The US by OreMI22: 8:46pm On Jan 29 |
Akinomoakin021: abhosts: It's nothing but another smokescreen used to launder billions of our dollars into overseas banks. God will judge these wicked politicians colluding with shady businessmen. |
Re: Dangote Refunery Now Buying Crude Oil From The US by lonecatt(m): 8:51pm On Jan 29 |
With which dollar? |
Re: Dangote Refunery Now Buying Crude Oil From The US by Abufo: 9:01pm On Jan 29 |
aribisala0: nigerians do not have any idea the extent of the damage the fulanis inflicted on the Nigerian economy! 1 Like |
Re: Dangote Refunery Now Buying Crude Oil From The US by lastkingsman: 9:08pm On Jan 29 |
Nigeria my country We are now importing crude oyel (oil) I remember vividly when US was importing oil from Nigeria during Obj admin, now we are now importing crude from US Black man and stupidity suppose get title like stupidity-23 version 2.0, stupidity-19 version 2.2.... By the way, I thought NNPC invested 2.7bn USD for 20% stake in this project? Nnpc has 2.7bn USD to invest in this private business but FG is borrowing 2.5bn USD from Afriexim bank using our future oil sales as collateral. I think the unity of Nigeria is now negotiable. We need to divide this country as fast as possible so everyone can go and develop their region. If we continue this rubbish we are practicing, Nigeria will implode and the impact will be catastrophic 1 Like |
Re: Dangote Refunery Now Buying Crude Oil From The US by ConfidentialDoc: 9:18pm On Jan 29 |
gaby: I was telling them...it's clear as day now. |
Re: Dangote Refunery Now Buying Crude Oil From The US by ConfidentialDoc: 9:23pm On Jan 29 |
Abufo: This is why patriotic US citizens like Arnold Schwarzenegger cannot run for office. Nigeria needs laws to protect itself from immigrants/invaders running for the highest office in the Land. |
Re: Dangote Refunery Now Buying Crude Oil From The US by ivolt: 9:47pm On Jan 29 |
abhosts:There is nothing like cheap CBN dollars. Dangote applied for forex just like any business or oversee students at the time and got it. He wasn't given for free. |
Re: Dangote Refunery Now Buying Crude Oil From The US by fuckingAyaya(m): 11:19pm On Jan 29 |
Dangote refinery will reduce fuel price and eradicate poverty, ebi pa wa will be a thing of the past. infact Nigerians will start swimming in gold and silver. For more joke text gazelle gaugagwa to 4677 1 Like |
Re: Dangote Refunery Now Buying Crude Oil From The US by Anguldi(m): 11:44pm On Jan 29 |
chicfarmer: Bonny light is amongst the best because of low sulphur content. That's what makes Nigeria crude oil competitive 1 Like |
Re: Dangote Refunery Now Buying Crude Oil From The US by Slytiger: 12:59am On Jan 30 |
chicfarmer:Yeah. Canada has the 3rd largest oil reserve in the world, but it's refineries import oil from the US and other countries as well.... Some refineries in the USA also imports oil from Canada. 1 Like |
Re: Dangote Refunery Now Buying Crude Oil From The US by Slytiger: 1:00am On Jan 30 |
lastkingsman:The USA till date still imports oil from Nigeria, and also imports from many other countries as well.
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