Dangote Petroleum Refinery is set to import a cargo of Brazilian crude, Bloomberg is reporting.

On Friday, the publication said this adds to the large number of overseas barrels of crude feedstock that Nigeria is importing.

According to traders with knowledge of the matter, Dangote refinery, which is still ramping up to full capacity, will receive a shipment of one million barrels of Tupi crude from Brazil for delivery in the second half of next month.

“The refinery, billed as pivotal in ending Nigeria‘s dependence on foreign fuel, has already snapped up millions of barrels of American crude,” the publication said.

“The purchases of non-Nigerian barrels likely reflect the most competitively priced, suitable cargoes.”

The traders said the cargo was sold by Petrobras, a state-owned Brazilian multinational corporation.

Bloomberg said officials at the company, and one at Dangote, did not immediately respond to requests for comment.

Quoting data from the Latin American country’s commerce ministry, the publication said it is the first time that Brazil has exported oil to Nigeria.

On July 11, Dangote refinery purchased five million barrels of US crude scheduled for delivery next month and in September.

In May, the refinery planned a purchase of 24 million barrels of crude from the US for over a year.

Last updated on September 13th, 2024 at 09:47 pm