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Dangote Refinery sets sail for Singapore, marking historic Asian market entry
By Emmanuel Saviour Dangote Refinery is set to make its first shipment of low-sulfur straight-run fuel oil (LSSR) from Nigeria to Singapore this week. This move marks the refinery’s initial foray into the Asian market, highlighting a new trade route from the recently launched refinery to Asia, a region that consistently demands low-sulfur fuel oil…
By Emmanuel Saviour
Dangote Refinery is set to make its first shipment of low-sulfur straight-run fuel oil (LSSR) from Nigeria to Singapore this week.
This move marks the refinery’s initial foray into the Asian market, highlighting a new trade route from the recently launched refinery to Asia, a region that consistently demands low-sulfur fuel oil for ship refueling at Singapore, the world’s largest bunker hub.
The Dangote refinery, operational since January after a $20 billion investment, can process up to 650,000 barrels of products daily. Once it reaches full capacity, it will be the largest refinery in Africa and Europe.
Since March, Dangote Refinery has ramped up its LSSR exports, primarily shipping cargoes to the Americas and Europe. According to ship tracking data from Kpler and Vortexa, the refinery’s expansion into the Asian market is a notable development. The first shipment is expected to arrive on Wednesday, delivered by the Glencore-chartered vessel, Front Brage, which will transport approximately 124,000 metric tons (787,400 barrels) of LSSR to Singapore.
Market sources indicate that this cargo was redirected to Asia due to weaker demand in Europe. Data from LSEG shows that the east-west spread for front-month 0.5 percent LSFO, reflecting the price difference between these regions, remained above $40 per ton this week.
One of the refinery’s officials, who preferred to remain anonymous, said, “This shipment is a significant step for Dangote Refinery as we explore new markets. The Asian demand for low-sulfur fuel oil presents an excellent opportunity for us to diversify our export destinations.”
Another LSSR shipment from Dangote, containing around 157,000 tons, is expected to reach Singapore in July aboard the vessel Stena Suede, based on ship tracking data.
LSSR is generally blended with other fuels to produce low-sulfur fuel oil (LSFO) for bunkering or used as feedstock in various refinery processes. The expansion into the Asian market is expected to boost the refinery’s production and distribution capabilities.
In February, Dangote began exporting oil products and started purchasing crude oil primarily from the Nigerian National Petroleum Company (NNPC) Ltd in December 2023.
Economic analysts are optimistic about the impact of Dangote’s new trade routes on Nigeria’s economy. “The entry of Dangote Refinery into the Asian market not only strengthens Nigeria’s position in the global oil market but also promises economic growth and job creation domestically,” said Adebola Adesanya, an energy market analyst.
This new trade route also underscores the strategic importance of the Dangote Refinery in meeting global energy demands. As global markets evolve, the refinery’s ability to adapt and enter new markets will be crucial for its long-term success.
The Dangote Refinery’s capacity to process up to 650,000 barrels of products per day will play a pivotal role in meeting both local and international demands. With continued investments and expansions, the refinery is poised to become a cornerstone of Nigeria’s industrial and economic landscape.
Overall, the upcoming shipment to Singapore represents a major achievement for Dangote Refinery and a promising sign for Nigeria’s oil industry. As the refinery continues to expand its reach, it sets a precedent for other Nigerian industries aiming to compete on a global scale. The successful entry into the Asian market is not just a win for Dangote but for Nigeria as a whole, showcasing the country’s potential to be a major player in the global oil industry.
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