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Dangote Refinery Seeks More US Crude

OIL PRODUCTS

Nigeria’s 650k b/d Dangote refinery has issued a tender for US WTI crude for delivery in August and September, according to Argus.

  • The company is seeking to buy 1m bbl of 2m bbl cargoes of the light sweet grade for delivery windows Aug 1-10, 11-20, 21-31, and Sep. 1-10.
  • This is Dangote’s second WTI tender. The first procured 2m bbl/month for a 12-month period starting July.
  • Some traders told Argus that the initial tender was not awarded, although this is not confirmed.
  • Argus said that Dangote is was operating at around 350k b/d in June, 140k b/d of which was WTI.
  • Vortexa data showed that crude deliveries to the refinery in 2024-to-date have averaged 200k b/d, of which 27% is WTI.
  • While Dangote originally intended to run on Nigerian crudes, WTI has proven more competitive and has been around 35 cents/bbl cheaper than Nigeria’s Qua Iboe grade.
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