Dangote Petroleum Refinery is preparing to import a shipment of Brazilian crude, according to a report by Bloomberg.
On Friday, the publication reported that this addition increases the volume of foreign crude oil being imported by Nigeria.
Traders familiar with the matter stated that the Dangote refinery, which is still working towards full operational capacity, will receive one million barrels of Tupi crude from Brazil in the second half of next month.
“The refinery, expected to play a crucial role in reducing Nigeria’s reliance on imported fuel, has already acquired millions of barrels of American crude,” Bloomberg reported. “The procurement of non-Nigerian barrels likely indicates they are the most competitively priced and suitable options available.”
The traders noted that the cargo was sold by Petrobras, the state-owned Brazilian multinational corporation.
Bloomberg mentioned that officials from both Petrobras and Dangote did not immediately respond to requests for comment.
Citing data from Brazil’s commerce ministry, Bloomberg said this marks the first time Brazil has exported oil to Nigeria.
On July 11, Dangote refinery purchased five million barrels of U.S. crude scheduled for delivery next month and in September.
In May, the refinery had planned to purchase 24 million barrels of U.S. crude over the course of a year.
Source: cableng