Published on 06/11/2024
Vitol Group, Trafigura Group and BP Plc are the main buyers of fuel from Nigeria’s new Dangote oil refinery, which is making waves in petroleum trading across Africa and Europe.
Vitol Group, Trafigura Group, and BP Plc are the main buyers of fuel from Nigeria’s new Dangote oil refinery, which is making waves in petroleum trading across Africa and Europe.
These three companies have handled the bulk of shipments from the refinery since production ramped up around mid-2024, based on data from Precise Intelligence, a Geneva-based oil and gas trading analytics firm.
Since beginning operations, the refinery has loaded close to 6 million tons of fuel, approximately 45 million barrels, with October’s loading rates averaging 35,000 tons daily, Bloomberg reported.
When fully operational, the Dangote refinery is expected to process up to 650,000 barrels of crude daily, producing gasoline, diesel, and other fuels.
Dangote Group recently stated that the new refinery has reached a processing rate of about 420,000 barrels per day, with sales also extending to the Nigerian market.
In May, gasoil exports from the facility nearly doubled to reach close to 100,000 barrels per day (bpd), according to data from analytics firm Kpler.
Most of these exports were directed to other West African countries, showing the refinery’s potential to reshape regional fuel supply chains. Economists say the Dangote refinery might halt the decades-long gasoline trade from Europe to Africa worth $17 billion each year.
According to data from Precise Intelligence, diesel (automotive gasoil) currently dominates the cargoes loaded from the plant, followed by fuel oil. Combined these two fuels make up over 60% of the plant’s shipments. Other fuels being produced include gasoline and jet fuel.
