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NNPC and Dangote Agree Crude Supply Deal

OIL

NNPC’s has agreed a crude sale and purchase agreement with the new Dangote refinery, according to Bloomberg citing unnamed sources.

  • According to Bloomberg’s sources, the deal will run for one year initially, with the first 6m bbl to be supplied in December.
  • The volumes supplied in the following months will be determined by agreement between the counterparties.
  • Despite being officially opened in May, the Dangote refinery, with a capacity of 650k b/d, has yet to start production, Bloomberg said. Full production at the refinery is likely to also lag the arrival of the first crude barrels.
  • At full capacity, Dangote could produce 250k b/d of gasoline and 100k b/d of gasoil and diesel, based on FGE estimates.
Energy BulletsCommodities
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