Dangote Refinery sets to export first cargoes of fuel abroad

The Dangote oil refinery, according to reports, is set to export its first fuel cargoes to outside Nigeria following the completion of the largest single-train refinery in the world, according to Reuters news agency.

Aliko Dangote, the continent’s richest man, built Africa’s largest refinery in the commercial hub of Lagos, with the capability of refining 650,000 barrels of oil per day.

Nigeria has for years relied on expensive imports for nearly all the fuel it uses, but the $20 billion refinery is slated to turn it into a net exporter of fuel to other West African countries, in a massive potential shift in power and profit dynamics in the industry.

The refinery earlier announced it would soon commence the sale of its first petroleum cargoes to the domestic market within weeks.

Dangote began buying crude in December last year, with Nigeria’s state-owned oil firm, NNPC Ltd., being the major supplier.

The oil refining company has also purchased some U.S. oil and is expected to receive 2 million barrels of U.S. WTI Midland next month.

The petroleum refinery project, according to the company, will create a market for $21 billion per year of Nigerian crude. It is designed to process Nigerian crude, with the ability to also process other crudes.