Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

Dangote Refinery is increasing its global market share, with three cargoes amounting to about 130 million litres reportedly set for export to Saudi Arabia.

The development follows the facility’s recent export to the US, where it sold over two million barrels of JetA1, known as aviation or jet fuel, showing its growing dominance and acceptance in the international energy market.

Ship-tracking data from Kepler shows that six vessels with about 1.7 million barrels of aviation fuel from the Nigerian-based refinery arrived at US ports in March.

Another vessel, the Hafnia Andromeda, is expected to berth at the Everglades terminal on March 29, 2025, with about 348,000 barrels of aviation fuel.

The 650,000 bpd-capacity refinery, Africa’s largest, has set itself as an essential player in the global fuel market.

BusinessDay reports that experts have said that the refinery’s entry into the US and Saudi Arabia markets shows the high quality of its petroleum products and the growing confidence of international buyers in Nigerian exports.

Chief Executive Officer of the Centre for the Promotion of Private Enterprises (CPPE), Muda Yusuf, described the move as a significant achievement for Nigeria.

He said Dangote Refinery’s ability to meet the strict quality standards of markets such as the US and Saudi Arabia shows its world-class operations.

Dangote Refinery’s export to the US coincided with the turnaround maintenance of the Phillips 66 Bayway refinery in New Jersey.

Experts have predicted that the Dangote Refinery’s jet fuel exports could influence prices in the US, especially following the impending summer holiday travels.

Steven Barsmian, the CEO of TankTiger, a US-based stockbroking firm, said the rise in supply from Nigeria is expected to crash jet fuel prices in the US, saying that March imports of JetA1 have hit about 226,000 barrels daily, the highest since February 2023.

Apart from fuel exports, the facility’s operations are changing Nigeria’s economic trajectory.

Meanwhile, Legit.ng earlier reported that Dangote and other modular refineries in Nigeria may spend about $8.56 billion to import about 122,400,000 barrels of crude oil in six months to operate at full capacity.

The development means that the refineries may spend about $1.43 billion monthly on crude imports into Nigeria amid the collapse of the naira-for-crude deal between the refineries and the Nigerian government.

The mega Dangote Refinery may spend the amount over the uncertainty surrounding the Domestic Crude Supply Obligation of the Nigerian government.

Legit.ng earlier reported that the naira-for-crude oil committee failed to meet on Monday, March 24, 2025, with other stakeholders to discuss the future of the deal.

The 650,000 bpd-capacity refinery has repeatedly disclosed that it was importing crude and would continue to do so as it hopes to ramp up production.

Experts have said that with the collapse of the naira-for-crude deal, the refinery will rely more on imported crude to meet its production needs.

Punch reports that Edo Refinery plans to import crude to meet its refining needs.

The 30,000 bpd-capacity refinery has sought to purchase crude from a US-based crude seller.

Findings show that while other modular refineries were planning to purchase crude, the Dangote and Edo refineries would need about 680,000 barrels per day to operate optimally.

Legit.ng earlier reported that Nigeria’s oil sector faces a strong challenge as 12 March-loading crude cargoes remain stranded at sea and unsold, showing the weak demand for the country’s exports.

According to traders, as of March 10, 2025, buyers for the consignments were still being sought.

The slow sales come as Nigerian crude faces strong competition from Kazakh-origin light sour CPC Blend, US Western Texas Intermediate (WTI) and the Mediterranean sweet crudes in Europe.

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Source: Legit.ng