Dangote Refinery Secured First Cargo of Algerian Crude

SEATTLE (Oil Monster): In an effort to make up for the lack of domestic supply, Nigeria's Dangote refinery is said to have secured its first shipment of Algerian oil. Both sides have not yet verified the agreement. Furthermore, the transaction's financial information was kept secret.

As a result, trading company Glencore will sell the refinery one million barrels of Saharan Blend oil, a premium light sweet crude. Notably, the Saharan Blend crude is a very desirable grade of crude oil, particularly because of its low sulfur level. The shipment is anticipated to arrive between March 15 and March 20, 2025, and represents a significant milestone in the refinery's efforts to diversify its oil source.

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The European markets used to be the traditional market for the high quality crude oil exports from Algeria. The latest deal with Dangote refinery indicates the rising shift in exports to emerging markets. The competitively priced crude cargo for Dangote refinery is expected to be loaded in March.

The Nigerian refinery has been exploring long-term crude supply contracts from various international markets. In September of last year, it had entered into an agreement with NNPCL towards supply of 15 cargoes of crude oil, though NNPC has allocated only six cargoes so far.