What observers may call the Nigerian irony is again playing out as Dangote Petroleum Refinery is said to have concluded plans to import crude oil from Brazil.
Before now, many had been piqued that the country exports oil while it imports fuel – at multiple coasts.
This was occasioned by the fact that its four refineries have been run down though they continue to suck in billions in the guise of corruption-laden turn-around maintenance and revitalisation.
The coming on stream of the mega Dangote Refinery has, however, raised the hope that yet seems threatened now with the country’s inability to supply it adequate crude.
With the mechanism of its business resting on crude importation, the price gain being expected might have been eroded, observers say.
According to , the importation from Brazil will add to the large number of overseas barrels of crude feedstock that the Nigerian firm was importing.
It said traders with knowledge of the matter stated that Dangote refinery, which is still ramping up to full capacity, would receive a shipment of one million barrels of Tupi crude from Brazil for delivery in the second half of next month.
“The refinery, billed as pivotal in ending Nigeria’s dependence on foreign fuel, has already snapped up millions of barrels of American crude,” the report by the media organisation stated.
It stated that the purchases of non-Nigerian barrels likely reflect the most competitively priced, suitable cargoes.
The traders said the cargo was sold by Petrobras, a state-owned Brazilian multinational corporation.
Bloomberg said officials at the company, and one at Dangote, did not immediately respond to requests for comment.
Quoting data from the Latin American country’s commerce ministry, the publication said it was the first time that Brazil had exported oil to Nigeria.
Dangote refinery recently purchased five million barrels of US crude scheduled for delivery next month and in September.
It was reported in May this year that the refinery planned a purchase of 24 million barrels of crude from the US for over a year.
Modular refiners had also stated that crude importation would linger until Nigeria produces enough barrels to meet both domestic demand and exports.
