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Dangote Refinery Boosts U.S Crude Oil Purchases (3999 Views)
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malali: 3:25pm On Jun 06 |
The Dangote oil refinery in Nigeria, Africa’s largest crude processing facility, has been buying increasing volumes of U.S. crude WTI despite the fact that Nigeria is the biggest crude oil producer in Africa. Source: https://oilprice.com/Latest-Energy-News/World-News/Africas-Biggest-Refinery-Boosts-US-Crude-Oil-Purchases.html 3 Likes |
malali: 3:25pm On Jun 06 |
If we can make our crude exploration and production more efficient to generate enough to sell our OPEC+ quota and also have enough to sell to local market like Dangote Refinery. And we are able to reduce corruption to a minimum......Nigeria will turn around. Eid Mubarak. 13 Likes 3 Shares |
PlutoChief: 6:24am On Jun 07 |
Okay
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epainos: 6:25am On Jun 07 |
With Trump in the oval office, I would go to the US too if I was Dangote. This is the best thing he can do. And he will be able to supply Nigeria and neighbouring nations fuel. Also, Nigeria can generate money from its crude oil. The truth is that until FG privatise everything about oil, that industry will never do anything good. Dangote only needs to make sure that government gets its fees and taxes regularly. No one stops him from buying from the US. In fact, this is a good news for alhaji. On the other hand, Dangote should "calm down" ooooo. Everyone knows he is as selfish as most Nigerians...so, no one is doing anyone any favor. Na business guy man dey do. Good luck to Nigerians.. 3 Likes |
datola: 6:25am On Jun 07 |
No country can be totally self sufficient. Economic's law of comparative advantage says that counties should import what they cannot efficiently produce and vice versa. 3 Likes 1 Share |
Jagabanbattle: 6:31am On Jun 07 |
This is a great development. It will deepen the relationship between Nigeria and USA. But this should be checkmated to tackle the deficit this will add to our import/export trade with USA.
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Leviticuscreed: 6:51am On Jun 07 |
datola: This is a flawed analysis and don't apply to Nigeria in this case. Ours is a case of corruption and weak leadership at the centre. 3 Likes 1 Share |
Reference(m): 6:53am On Jun 07 |
The refinery alone cannot meet our demands except in a severely depressed economy.
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free2ryhme: 6:55am On Jun 07 |
Nahunger(m): 6:57am On Jun 07 |
![]() Where the funds dey go |
96ACE: 7:21am On Jun 07 |
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Authoreety: 8:09am On Jun 07 |
what is even wrong with this our nigeria? why is everything going the way of corruption? so even the crude wey we get no fit still work directly for us? nigerian leadership is really a terrible thing that really needs to be studied |
Guyman02: 9:28am On Jun 07 |
All these grammar doesn't give the true picture which is that Buhari collected upfront payments for most of the crude and Dangote can't force the owners to sell to him until they exhaust their allocation, all he has is the much left with NNPC which is not enough to feed his massive refinery and even NNPC has been trying to make provisions for it's Baban-Bola iron condemn scrapyard called refineries
1 Like 1 Share |
ufotunang: 9:36am On Jun 07 |
As Nigeria is the biggest crude oil producer with abundant crude oil ..we should not be even importing crude oil....this is why the naira is depreciating and devaluing and losing value against the dollars because of too much of importation and importing crude oil that is abundant here .where have you heard Saudi Arabia importing crude oil
1 Like |
DomPerignon: 10:18am On Jun 07 |
malali: You guys are so naive. The largest refinery in of processing capacity is in India. Also India has witnessed massive investments in petrochemical refining. India doest have a single drop of oil and India's refining capacity is far higher than its domestic demand. So why is India seeing a surge in investments into refining crude ? The answer is simply down to outsourcing. Canadian and Russian crude form the bulk of India's supply source. In the case of Canada, the leftist environment alarmists shut down most of Canada's refinaries via huge taxes and regulations. So most of Canada's crude gets shipped to India were it is refined and sent back to Canada. Russian crude is also refined in India and then sold to Europe due to sanctions .. As per Dangote reginary, the aim was never to supply local markets but to replicate the Indian model but with subsidized crude. This is why Dangote went to import crude from the US when NNPC refused to supply crude to his refinary. Waiting for Dangote to reduce refined product prices in Nigeria is a pipe dream. If anything, Dangote refinary that seeks foriegn .markets as its major destination will be the standard going forward as more investors will be seeing if Dangote can work , then they will open their own refineries that are meant to supply foriegn markets . 6 Likes 1 Share |
Chevrolet076(m): 10:42am On Jun 07 |
malali: With the way Dangote news have been making headline, i guess the number of petrol slashes is finally getting to and end, and Dangote is ready to take the price to an all time high. Most likely 3 to 4 more reductions and he's jerking the price up. SMH ![]() |
SarkinYarki: 3:54pm On Jun 07 |
Now because Tinubu is not giving Dangote crude we have created a new hyra headed problem that will take time to exist because America will now make sure Dangote keeps buying their crude
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Deepspirituals: 6:35pm On Jun 07 |
Authoreety:Don't Know ooo Yet You will see Nigerians Praise The Leaders Especially the Youths.. |
nairamaniac: 11:10pm On Jun 07 |
malali:we can't sell our opec quota cos more than half of oil bring produced is uned for via OIL THEFT. I wdnt even call it oiltheft, cos it's actually performed based on understanding between the thieves, militants and indigenes of areas where the oil is being produced or where certain pipeline es thru. More than half is being lost thru stealing.& Understanding. 1 Like |
gabbytabby: 12:33am On Jun 08 |
An anomaly that we hope gets corrected soon. Like Burkina can we trust the quantity they are declaring. Dangote needs to be able to source crude locally. malali: |
gabbytabby: 12:34am On Jun 08 |
Absolutely agree. nairamaniac: |
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