Cameroon has become the first foreign buyer of petroleum from the Dangote refinery. The first export of 60,000 tonnes of refined petroleum went to Neptune Oil, a major distributor and retailer in Central Africa.
The company said it was working with the refiner to establish a reliable supply chain that will help stabilize fuel prices and opportunities across the region.
This is a very laudable move by Neptune Oil, as one African company supporting one another. This is the way that Africa and African businesses can grow together for the good of the continent.
Aliko Dangote plans to export 56% of his total fuel production, even as crude supply difficulties threaten to bog down the refinery’s operations.
The 650,000 b/d facility began selling gasoline domestically in September, with Nigeria’s state-owned oil company as the sole buyer.
The Nigeria National Petroleum Company (NNPC) has relied heavily on imports for domestic gasoline supply but hopes that Dangote’s operations will reduce this dependence and save the government crucial forex.
Earlier In October, Dangote and the NNPC began a crude-for-gasoline swap arrangement which is settled in Naira.
