CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

MNI BRIEF: Fed's Goolsbee Sees Rates Fair Bit Lower In A Year

CANADA JOBLESS RATE +6.8% VS FORECAST +6.6%, PRIOR +6.5%

MNI China Daily Summary: Friday, December 6

MNI: PBOC Net Drains CNY288.1 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1848 Fri; -1.64% Y/Y

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Nigeria’s Dangote Refinery Likely to See Teething Problems: OPIS

OIL PRODUCTS

Nigeria’s new 650k b/d Dangote refinery is not expected to have a major impact on North Atlantic product flows until 2025, according to OPIS.

  • The refinery’s executives said that it could begin exporting diesel in June, with a goal to produce on-spec gasoline too.
  • However, Morgan Stanley does not expect regular on-spec gasoline exports until 2025. The sulphur content from the gasoline currently produced by Dangote is 40-50 times the EU or US limit.
  • Goldman Sachs also see likely delays to Dangote’s startup, expecting only 800k b/d of net capacity additions in the global refinery development pipeline from 2024-2027.
  • While Dangote has introduced a hydrocracker to remove sulphur, experience from other refineries suggests that it often takes at least a year for desulphurisation equipment to hit its planned targets.
  • RBN expects Dangote to ramp up to just 20% utilisation in 2024, with peak runs no earlier than 2026, OPIS said.
Energy BulletsHomepagemarkets-real-timeBulletCommodities
Energy BulletsHomepagemarkets-real-timeBulletCommodities

To read the full story

Close

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.