“As an example, we paid $96.23 per barrel for a cargo of Bonga crude grade in April (excluding transport). The price consisted of $90.15 dated Brent price + $5.08 NNPC premium (NSP) + $1 trader premium. In the same month, we were able to buy WTI at a dated Brent price of $90.15 + $0.93 trader premium including transport. When NNPC subsequently lowered its premium based on market feedback that it was too high, some traders then started asking us for a premium of up to $4m over and above the NSP for a cargo of Bonny Light,” Edwin said.
Browsing: Dangote refinery
The President of Dangote Refinery, Aliko Dangote, has revealed that the Nigerian National Petroleum Corporation (NNPC) Limited no longer owns a 20% stake in Dangote Refinery.
The President of Dangote Industries Ltd, Aliko Dangote, said that the Dangote Petroleum Refinery and the fertiliser plant would be listed in the capital market by the first quarter of 2025.
“Refining crude domestically will save foreign exchange and positively impact the economy in the medium term,” Bhatia said after an extensive tour of the facility.
A fire incident on Wednesday was reported to have occurred at the Dangote Refinery in Lagos.
“While the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) are trying their best to allocate the crude for us, the IOCs are deliberately and willfully frustrating our efforts to buy the local crude
However, the experts said though the behemoth refinery is located in Lagos, Nigeria, the input cost for the operationalisation of the $20 billion facility is import-dependent, adding that the volatility of the foreign exchange rates might make it difficult for any marginal reduction in the prices of the premium commodities.
“We don’t put pressure on the grid. We produce about 1,500 megawatts of power for self-consumption,” Aliko Dangote said at the Afreximbank Annual Meetings and AfriCaribbean Trade & Investment Forum in Nassau, The Bahamas.
Without mentioning names, the businessman stated that foreign banks are not interested in helping Africa grow, explaining that indeed some of them clandestinely attempted to push the company into loan default during the COVID-19 pandemic.
“We had a bit of delay but PMS will start coming out by the 10th, or 15th of July but then we want to keep in the tank to make it settle. By the third week of July, we will be able to sell it in the market.”