November 20, 2024
By Samuel Ogunsona
The Dangote Petroleum Refinery has started exporting refined petroleum products to neighboring West African countries, signaling a potential shift in regional fuel markets.
According to a Bloomberg report citing data from Vortexa, Kpler, Precise Intelligence, and ship-tracking platforms, a tanker has transported a shipment of gasoline from the refinery to waters off Togo’s coast.
The CL Jane Austen vessel loaded over 300,000 barrels from Dangote and sailed west, marking the refinery’s entry into the regional export market.
This development comes after Ghana National Petroleum Authority Chairman, Mustapha Abdul-Hamid, announced plans to purchase petroleum products from Dangote Refinery to reduce expensive exports from Europe, which cost Ghana approximately $400 million monthly.
“If the refinery reaches 650,000bpd a day capacity, all that volume cannot be consumed by Nigeria alone, so instead of us importing as we do right now from Rotterdam, it will be much easier for us to import from Nigeria and I believe that will bring down our prices,” Hamid said.
The Dangote Refinery, located in Lekki, Lagos, is Africa’s largest oil refinery, with a capacity to produce 650,000 barrels per day.
Its operations are expected to significantly impact regional fuel markets, providing an alternative source of refined products.
Industry experts anticipate increased competition and potentially lower prices in West Africa’s fuel market as Dangote Refinery ramps up production and export. The refinery’s strategic location and massive capacity position it to become a major player in the regional energy landscape.
