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REFINING
With the global trend shifting to lower-sulphur fuels, it is only a matter of time before West Africa, Northwest Europe’s favourite location for >1,000ppm sulphur transport fuels starts to disappear according to FGE.
- Dangote’s 650kb/d refinery is set to produce enough gasoil/diesel to meet domestic demand (meaning no imports), and will probably export distillates to the wider West African market.
- FGE estimate that around 100kb/d of East of Suez high sulphur gasoil that used to clear in WAF will now have to head east to find a new home. This is likely to widen Singapore sulphur spreads, particularly during months with weaker demand.
- On the NWE side, countries like Belgium and the Netherlands are banning fuel exports with greater than 50ppm sulphur.
- Nigeria has also implemented a sulphur spec cap of 200ppm for certain product imports, although it is unclear if this is being enforced.
- This could mean that WAF countries may be forced to import better quality products, regardless of domestic policies.
Source: FGE
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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