Dangote Buys 16M Barrels of Crude
Dangote refinery has purchased at least 16 million barrels of Nigerian crude for October delivery. The massive feedstock acquisition supports the plant as it prepares for an initial public offering.
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Nigeria's Dangote refinery purchased 16 million barrels of local crude for October delivery, matching recent months to fuel processing rates of 520,000 barrels per day. The volume equals most of the 700,000-bpd plant's intake ahead of an initial public offering. The purchases tighten export supply from Nigeria as conflict in Iran curtails competing Middle Eastern shipments.
