Dangote Refinery Moves to End Foreign Crude Imports by December
Dangote Refinery says it plans to stop importing crude oil from the United States and other foreign countries before the end of 2025.
According to Bloomberg, in the month of June, the refinery sourced 53% of its crude oil from Nigerian producers and 47% from the US.
Speaking on the matter, the refinery’s Executive, Devakumar Edwin, said:
“We expect some of the long-term contracts will expire. Personally, and as a company, we expect that before the end of the year we can transition 100 percent to local crude.”
This means that by December, the Dangote Refinery hopes to depend fully on crude oil from within Nigeria.
To make this possible, Edwin said there needs to be a major increase in local oil production in the coming months.
Since its launch in 2023, the Dangote Refinery has bought crude oil from different countries including the United States, Brazil, Angola, Ghana, and Equatorial Guinea.
In July, the company is scheduled to receive five cargoes from Nigeria’s state oil company (NNPC), and the same number is expected in August, based on official crude allocation records.
In a related development, the refinery on Tuesday announced a new reduction in the ex-depot price of petrol (PMS), bringing it down to ₦820 per litre.
