More Customers: After Ghana, 7 More Countries Show Interest To Buy Petrol From Dangote Refinery
- The newly built Dangote Refinery is getting interest from other African countries for the supply of petrol
- A report showed eight African countries, which include South Africa, Angola, and Namibia, have shown interest
- The Ghanaian government had earlier indicated an interest in buying petroleum products from the Dangote Refinery
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Dangote Refinery, Africa’s largest oil refinery, is set to expand its reach as it prepares to begin fuel exports to South Africa, Angola, and Namibia.
The 650,000-barrel-per-day refinery, located in Lekki, Lagos, is nearing completion of negotiations with these countries, marking a significant milestone in its global operations.
Source: Getty Images
Punch reports that in addition to these three countries, negotiations are underway with four other African nations: Niger Republic, Chad, Burkina Faso, and the Central African Republic.
Legit.ng also recently reported that Ghana has recently shown strong intent to purchase petrol from the Dangote refinery.
Dangote Refinery petrol buyers
Meanwhile, a new report has revealed that Vitol Group, Trafigura Group, and BP Plc have been the major buyers of Dangote's petrol.
Bloomberg reports that the companies account for more of Dangote Refinery's sales since its operation began.
Marketers move to get more import licences
While Dangote continues to attract attention from abroad, oil marketers in Nigeria are pursuing additional petrol import licenses from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
Punch reports that members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) are serious about getting more licences and claim that Dangote Refinery product price is high.
The report added that IPMAN and PETROAN are awaiting approvals from the Central Bank of Nigeria (CBN) and the NMDPRA to proceed.
Joseph Obele, PETROAN's National Public Relations Officer, also alleged that the Dangote Refinery is trying to dominate the market and block competitors.
He said:
“Dangote is just out to close all the doors and windows so that no one else can enter the market"
Obele asserted that PETROAN's trading wing applied for an import licence a month ago and is determined to bring in high-quality fuel at competitive prices to reduce costs for Nigerians.
Obele urged Nigerians to support efforts to dismantle monopolistic structures, saying:
“We are trapped with exploitation, and the only way out is to dismantle every dimension of monopoly. We are calling on Nigerians to support us in this cause.”
Ghana proposes ECOWAS currency for Dangote petrol
Meanwhile, Legit.ng earlier reported that Ghana hinted that African countries would agree on a common currency to buy Dangote petrol to dampen demand for dollars.
The West African nation also expressed interest in buying petroleum products from the refinery once it operates at full capacity.
The head of the country's oil regulator said that patronising the Nigerian refinery would cut more expensive exports from Europe.
Proofreading by Nkem Ikeke, journalist and copy editor at Legit.ng.
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Source: Legit.ng
