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Libya’s National Oil Corporation (NOC) has denied holding negotiations to supply crude oil to a refinery in Nigeria. A senior executive with Nigeria’s Dangote refinery said last week that it was in talks with Libya to secure crude for the 650,000 bpd plant.
Libya’s National Oil Corporation (NOC) has denied holding negotiations to supply crude oil to a refinery in Nigeria. A senior executive with Nigeria’s Dangote refinery said last week that it was in talks with Libya to secure crude for the 650,000 bpd plant.
The statement issued by the NOC said that the National Oil Corporation denies that it is negotiating or engaging in any talks regarding the supply of crude oil to an oil refinery in Nigeria. It further said that its contracts with its international partners adhere to the legal mechanism for selling Libyan crude oil and do not work with the spot sale mechanism. Libya’s national crude oil output is 1.28 MMbpd, according to NOC.
Meanwhile, there were reports that a major Dangote oil refinery was reselling cargoes of U.S. and Nigerian crude. The resale was linked to technical problems at the refinery. A Dangote executive, however, scotched the news by maintaining that the refinery was in operation and its crude distillation unit (CDU), was functioning. Some reports indicated glitches in the operation of CDU.
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The refinery started production in January and will be the largest in Africa and Europe when it reaches full capacity. It could upend what has been a highly lucrative Europe-to-Africa fuel trade and transform Nigeria into an exporter of fuels. The plant has been importing several crude cargoes a month, traders have said.
