The 650,000 barrels per day capacity Dangote Petroleum Refinery has bought its first cargo of Equatorial Guinea’s medium sweet, Ceiba crude.

This is coming amid reports that the Nigerian National Petroleum Company Limited has supplied fresh cargoes of crude to the Dangote refinery.

According to Argus Media, sources with knowledge of the matter said Dangote bought the 950,000 barrel cargo loading over April 12-13 from BP in the past week. The price levels of the deal were kept under wraps.

Argus reports that most Ceiba exports typically go to China. Around 18,000 barrels per day were discharged there last year, while three shipments went to Spain and one to the Netherlands, according to Vortexa data.

It was learnt that two cargoes loading in February and March this year are signalling Zhanjiang in China, according to tracking data.

Traders had reportedly noted that buying a Ceiba cargo is part of Dangote’s efforts to diversify its crude sources.

Last month the refinery bought its first cargo of Algeria’s light sweet Saharan Blend crude from trading firm Glencore, which is due to be delivered between March 15 and 20.

Market sources told Argus that Dangote seems to have sourced competitively priced crude from Equatorial Guinea at a time when domestic grades are facing sluggish demand from Nigeria’s core European market amid ample supply of cheaper Kazakh-origin light sour CPC Blend, United States WTI, and Mediterranean sweet crudes.

Several European refineries are due to undergo maintenance in April, which is also weighing on demand.


https://punchng.com/dangote-refinery-imports-crude-from-equatorial-guinea-report/