The news that the Nigerian National Petroleum Company (NNPC) intends to take a 20% stake in the $18 billion under-construction Dangote Refinery caused us to stop and consider what the impact of this would be. Then a couple of weeks later it was announced that NNPC will supply at least 300k b/d of crude to the 650 k b/d refinery. This is a bold move as it will bolster domestic supply security to the new refinery and guarantee an outlet for the country’s crude.
The weekly tanker market report by Gibson Shipbrokers - features an overview of the crude oil and oil product tanker market.
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