Dangote Refinery is ramping up crude oil production with a purchase of an additional 5 million barrels from the United States of America, according to data from Bloomberg.
The data show that the refinery bought 5 million barrels of WTI Midland for delivery in August and September.
Additionally, the oil company also proposed a tender process to purchase an additional 6 million barrels of American crude for September.
Dangote has acquired over 16 million barrels of West Texas Intermediate crude oil this year, according to Bloomberg data.
According to Bloomberg’s tenders for new supply, the percentage of US crude to Nigerian is likely to rise in August and September.
Recall the Vice President of Oil and Gas of Dangote Industries Limited, Devakumar Edwin
had accused international oil companies (IOCs) in Nigeria of raising crude prices above market rates.
Edwin stated that price manipulation is forcing the refinery to buy oil from distant countries such as the United States, resulting in drastically higher prices.
He said that the IOCs are actively working to undermine Dangote Oil Refinery and Petrochemicals.
The $19 billion refinery will begin supplying Petrol this July, according to the chairman and CEO of the company, Aliko Dangote.
Dangote stated that the refinery will begin producing petrol between July 10 and 15, with supplies to local marketers beginning in the third week of the same month.
“We had a bit of delay, but PMS will start coming out by 10 to 15 of July. But then we want to keep it in the tank to make sure that it settles. So by the third week of July, we’ll be coming out to take it into the market,” Dangote said in May.
