According to a report on July 11, the Dangote refinery has initiated a tender process to purchase an additional 6 million barrels of American crude oil for September. This move follows its procurement of more than 16 million barrels of West Texas Intermediate crude oil earlier this year. Bloomberg reports that the refinery may increase its purchases from the US in August and September, based on new tenders for supply.
The decision to opt for US crude reflects availability and competitive pricing in the global market, beneficial for both Nigeria and Dangote. The refinery, located near Lagos, primarily processes local crude supplies accessible from offshore terminals within a short transit time.
Tracking data reveals that the refinery received over 41 million barrels of feedstock in the first half of the year during test runs and ramping up operations. Approximately a quarter of this feedstock originated from the United States, with expectations that American supplies could see a significant rise with the latest procurement. Earlier in May, the refinery had planned to secure 24 million barrels of US crude over a one-year period.