On Thursday, November 21, it was reported that Dangote Refinery has resumed importing crude oil from the United States in order to increase its refining capacity and production.
According to a Bloomberg report, the refinery is set to receive two million barrels of WTI Midland crude oil from Chevron Corporation, which is scheduled to arrive next month.
This marks the refinery’s first purchase of US oil in three months, as it had previously focused on using crude from Nigeria during this period.
The purchase suggests that the federal government’s “naira-for-crude” deal with Dangote Refinery may have faced challenges, or that the refinery might not be receiving enough crude from the Nigerian National Petroleum Company Limited (NNPC).
Chevron has booked the supertanker Azure Nova to carry the crude from the US Gulf around December 5, according to shipping details reviewed by Bloomberg.
The Nigerian government had mentioned a potential Naira-for-crude deal with Dangote Refinery on October 5, 2024, but economist Kelvin Emmanuel recently stated that Dangote Refinery still buys crude oil from the government in US dollars.
