The Dangote Refinery and Petrochemical Company is importing crude oil from international suppliers to meet up with production demand.
The Company recently sourced crude from the United States, Angola, and Algeria, among others, according to a recent report by Bloomberg.
Dangote Refinery has commenced fresh negotiations of the naira-for-crude agreement with the Nigerian National Petroleum Company Limited (NNPCL) as the first deal will end on March 31, 2025.
Since the beginning of the month, the Dangote refinery has reportedly received over three million barrels of American crude, in addition to shipments from Angola and Algeria.
According to analysts at Energy Aspects Ltd., crude deliveries to the Dangote refinery have averaged 450,000 barrels per day in the past two weeks, up from an estimated 380,000 barrels per day in January and February.
Tanker-tracking data compiled by Bloomberg revealed that despite ramping up overseas purchases, the Dangote refinery remains heavily dependent on Nigerian crude. Last month alone, it took in over ten million barrels of local feedstock.
The NNPCL said it has supplied 48 million barrels since signing the crude supply agreement with Dangote in October.
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