Dangote refinery turns to Guyana as Nigerian crude supply tightens

(Kaieteur News) – Guyana’s growing importance in the international crude oil market is being highlighted by the increasing appetite of Nigeria’s Dangote Refinery for crude from outside Africa, including Guyana, as the 700,000-barrel-per-day facility ramps up operations.

Africa’s largest refinery has secured at least 16 million barrels of crude for October delivery, according to four industry sources cited by Reuters, with the bulk coming from Nigeria but additional supplies sourced internationally. Among the foreign crude grades purchased by the Lagos-based refinery in recent months are Guyana’s crude, alongside supplies from Libya and the United States.

Dangote’s October purchases are equivalent to approximately 520,000 barrels per day and account for most of the refinery’s expected monthly intake. The refinery is preparing for an initial public offering, making the security and diversity of its crude supply an important consideration for prospective investors.