India buys Nigerian oil while Dangote refinery leans on US barrels, marking a new twist in global crude flows.
Dangote refinery
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Afreximbank commits $1.35bn to Dangote Refinery, advancing Africa’s energy security and industrialization goals.
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Dangote Refinery’s reason for increasing petrol price is a 15 percent rise in global crude oil prices and attempts to absorb cost for Nigerians.
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NNPCL secures a $1B loan for Dangote refinery, facilitates a $3B forex boost, and drives energy innovation with CNG adoption
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Nigeria’s Dangote Refinery exports petrol to Cameroon, Ghana, Angola, and South Africa.
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Nigerian banks increase petrol import financing to ₦3.5tn in bid to ensure supply stability.
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Petroan insists it will import its petrol cheaper than existing prices
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‘It is a double tragedy,’ says Dangote, insisting NNPC and marketers must begin to source fuel locally and stop importing.’
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Instead, Tinubu touts Naira based crude sales as a way of reducing foreign exchange dependency.
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The start of operations of Aliko Dangote’s Lagos‐based refinery have helped him double his net worth to $28 billion, according to Bloomberg Billionaires Index.