“We can take only what they are giving to us from Nigeria… We have to import the rest,” says refinery head.
Dangote Oil Refinery is set to import at least five million barrels of U.S. West Texas Intermediate (WTI) crude oil in July, following a potential record month of imports in June.
According to Reuters, the refinery awarded tenders for about 161,000 barrels per day (bpd) of U.S. crude to be delivered in July, building on the 300,000 bpd booked for June—the largest monthly volume of WTI ever for the plant.
“We can take only what they are giving to us from Nigeria, this is a known fact. We have to import the rest,” said Edwin Devakumar, head of Dangote Oil Refinery.
The 650,000 bpd capacity refinery in Lagos is diversifying its crude sources, with supplies from Vitol, Socar, and Glencore expected for July.
This increased importation reflects changing global crude markets, as Asian demand for U.S. barrels softens. The refinery is currently running at about 80% capacity and aims to reach 85% by October.