Dangote $29 Billion Refinery Makes First Fuel Export to Asia 

Africa’s richest man, Aliko Dangote is preparing to export Nigeria’s first fuel shipment to Asia, in what is seen as a major West Africa’s oil export outside the continent.

The $20 billion refinery will ship 90,000 metric tons of fuel to Asia on June 22, according to Reuters. The refinery officially began operations in January 2024.

Global commodities trader Mercuria is expected to load the cargo, marking the first time fuel from the Lagos-based facility will leave West Africa.

“We sell our products to those who are willing to pay the best price. It’s up to the buyer where they choose to take it,” said a spokesperson for the Dangote refinery.

Until now, all gasoline exports from the refinery remained within West Africa. Industry experts say this move confirms the facility’s reliability putting in mind its capacity to compete in global markets.

Also Read: Dangote Cuts Petrol Price for Nigerians in New Rates

Despite Nigeria being a leading oil producer, was has been for the longest the continent’s largest fuel importer.

In less than two years, the refinery has reshaped fuel supply dynamics across Africa, cutting Nigeria’s petrol imports significantly and displacing the country from its long-standing dependence on foreign fuel.

It operates at 500,000 barrels per day, and is expects to reach its full capacity of 650,000 barrels per day by mid-2025. It is the largest in Africa and the biggest single-train refinery in the world.

To sustain its growing output, the refinery has increasingly turned to U.S. West Texas Intermediate (WTI) crude, amid supply challenges in Nigeria.

Reaching out to the U.S speaks much about the ongoing issues with underinvestment, oil theft, and aging infrastructure. Commodity giant Vitol has reportedly supplied Dangote with over 14 million barrels of WTI Midland crude this year, a grade now included in the Brent benchmark.

With U.S. crude facing declining demand in Asia due to geopolitical tensions with China, Nigerian buyers like Dangote are snapping up the opportunity to secure reliable feedstock at competitive prices.

Since commissioning, the Dangote refinery has already earned more than $1.5 billion in product sales, according to sources close to the company.