Africa’s giant refinery in Lagos State, Nigeria, Dangote Refinery is preparing to import crude from the U.S. in the coming weeks, as the refinery valued at $20 billion intensifies the move to hit the market.
Dangote Refinery, named after its owner Aliko Dangote, began operations earlier this month to end Nigeria’s years-long reliance on refined petroleum products since its launch in May 2023.
Bloomberg, quoting individuals in the know about the business deal, reported on Monday that the new refinery is expecting two million barrels of West Texas Intermediate (WTI) Midland from the U.S.-based oil trader, Trafigura Group, in February.
The agreement is a sign of just how competitive American barrels have become in the global market, Bloomberg said.
The U.S. crude oil will supplement Dangote’s domestic crude supplies from the Nigerian National Petroleum Company Limited (NNPCL), the country’s major oil company.
—Ezinwanne Onwuka reports for TruthNigeria from Abuja.
