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Dangote Naphtha Flows to Further Pressure Asian Market: Platts

OIL PRODUCTS

The onset of naphtha exports from Nigeria’s new 650k b/d Dangote refinery will further pressure an already weak Asian naphtha market, according to Platts oil podcast.

  • Dangote should ship around 2-3 LR2 sized naphtha cargoes per month to Asia, rising to four upon reaching full capacity.
  • The cargoes are heavy naphtha to be sold as a petrochemical feedstock. As it is new and well evaluated by users, its quality and popularity as a feedstock remains to be seen.
  • The Asian naphtha market has softened recently because of weak downstream demand and poorer olefin margins.
  • This is compounded by ample supply from the Middle East – the main naphtha exporter to Asia’s petrochemical producers.
  • Due to long-term contracts, Middle Eastern naphtha will continue to flow to Asia regardless of the pricing pressure.
  • Additional exports from the Middle East’s Al-Zour and Duqm refineries have also largely closed the arbitrage window for European naphtha.
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