Index to Nigerian Newspapers

Crude price hike: Dangote alleges IOCs frustrating refinery

Dangote Industries Limited's Vice President of Oil and Gas, Devakumar Edwin, has accused International Oil Companies (IOCs) in Nigeria of planning to frustrate the survival of the new Dangote Oil Refinery and Petrochemicals. Edwin claims that IOCs are forcing the refinery to import crude from countries like the US at high costs, and that the Nigerian Midstream and Downstream Petroleum Regulatory Authority is granting licenses to marketers to import dirty refined products. He also accused the Nigerian government of granting licenses to marketers to import dirty refined products, despite Dangote producing and importing diesel.Nigeria's Dangote refinery has been granted import licenses for high-sulphur diesel, despite the country having sufficient petroleum refining capacity locally. This comes after the US, EU, and UK imposed a price cap scheme on Russian petroleum products in February 2023. European countries, including Belgium and the Netherlands, have imposed bans on such fuel exports to West Africa. The refinery's decision to indiscriminately import dirty diesel and aviation fuel has allowed it to expand into foreign markets.

Olawin Dare | Economy/Petroleum | Punch Newspaper | Monday, June 24, 2024