Devakumar Edwin, vice-president, Dangote Industries Limited (DIL), says the Dangote Petroleum Refinery aims to rely totally on Nigerian crude oil by the end of the year.
According to Bloomberg on Wednesday, Edwin spoke last week during an interview at the plant.
“We expect some of the long-term contracts will expire,” he said.
“Personally, and as a company, we expect that before the end of the year, we can transition 100 percent to local crude.”
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Edwin said the plant, owned by Aliko Dangote, chairman of DIL, received nearly half of its crude supply in June from local producers, who will be able to sell more to the facility as their foreign supply commitments wind down.
The DIL vice-president said the company has sourced crude from Brazil, Angola, Ghana, and Equatorial Guinea since the refinery commenced operations.
He said improved collaboration between the refinery, local oil traders, and the government will ensure a consistent supply of Nigerian crude.
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His statement comes amid declining oil output in Nigeria.
On June 13, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said the country’s oil production decreased to 1,452,941 bpd in May.
However, the oil cartel said that despite a decline in production, Nigeria retained its position as Africa’s largest crude oil producer in May.
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