NNPCL allocates 48.6million barrels of crude to Dangote Refinery

The Nigerian National Petroleum Company Limited, NNPCL, has decided to allocate a total of 48.6 million barrels of crude oil to Dangote Petroleum Refinery in the past 10 months, according to Vanguard.

This was revealed in the official data on the transaction.

It showed that 3.4 million barrels (mb) were supplied in December 2023 while 3.5 million barrels were supplied in February 2024.

The details further showed that 3.3md, 3.3mb, 3.0mb, 5.1mb, 5.1mb, 4.8mb and 5.6 were supplied to the refinery in March, April, May, June, July, August and September 2024 respectively. The transaction has already recorded 11.7mb for October 2024 deliveries.

However, sources close to the Dangote Refinery said the volume supplied remains low when compared to the installed refining capacity of the 650,000 barrels per day plant.

The NNPCL has not yet disclosed the crude oil requirements of Nigeria’s refineries, including Dangote refinery in the last quarter (October – December) of 2024.

But in the second quarter (Q2’24) of 2024, the government put the requirements of all Nigeria’s refineries, including Dangote Refinery, at 597,700 barrels per day, indicating an increase of 114.700 barrels per day, from 483,000 bpd in the first half of the year.

The Q2’24 estimate also indicates that the NNPCL may have booked the crude oil needs of Dangote Refinery at less than 50% of the installed production capacity.