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Submission Tags: falconsandbox
Submission: On December 28 via api from US — Scanned from DE
Submission Tags: falconsandbox
Submission: On December 28 via api from US — Scanned from DE
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">
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<h1 class="article-title">Nigeria's Dangote in talks with traders for oil refinery loan</h1>
<div class="date-line">9/15/2021</div>
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<p data-testid="paragraph-0" class="Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs">Africa's richest man Aliko Dangote is
in talks with some of the world's biggest oil traders to help finance his mega refinery project outside of Nigeria's commercial centre Lagos, sources with knowledge of the matter said.</p>
<p data-testid="paragraph-1" class="Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs">The 650,000 barrel-per-day refinery,
once complete, will be the continent's largest plant and redraw major trade flows of crude and fuel in the Atlantic basin.</p>
<p data-testid="paragraph-2" class="Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs">Despite being Africa's biggest oil
producer and exporter, the country depends almost entirely on fuel imports after allowing its significant refining capacity, 445,000 barrels-per-day, to become dilapidated over several decades.</p>
<p data-testid="paragraph-3" class="Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs">Many past and current Nigerian
officials, including President Muhammadu Buhari, have announced plans to refurbish them but political will has been lacking.</p>
<p data-testid="paragraph-3" class="Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs">The Natural Resources Governance
Institute, a non-profit policy think tank, has previously pointed to the moribund refineries as a key focus of oil corruption and waste in the country.</p>
<p data-testid="paragraph-5" class="Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs">Hit by economic consequences of the
COVID-19 pandemic and soaring construction costs, Dangote needs a cash injection.</p>
<p data-testid="paragraph-6" class="Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs">Nigeria's state oil firm NNPC has to
agreed to buy a 20% stake in the refinery for about $2.8 billion but Dangote is looking for outside
cash.<span> </span><a href="https://www.reuters.com/business/energy/nigerias-nnpc-gets-nod-buy-20-stake-dangotes-oil-refinery-276-bln-2021-08-04/" class="Text__text___3eVx1j Text__dark-grey___AS2I_p Text__medium___1ocDap Text__large___1i0u1F Link__underline_default___MkI7S8">read more<span> </span></a>NNPC's
head Mele Kyari said a process was on-going to raise $1 billion with Afreximbank to fund part of its stake purchase.</p>
<p data-testid="paragraph-7" class="Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs">The billionaire has held talks as
recently as a month ago with executives from the world's top two oil traders - Trafigura and Vitol.</p>
<p data-testid="paragraph-7" class="Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs">Trafigura and Vitol declined to
comment. A spokesperson for the Dangote Group did not respond to multiple requests for comment.</p>
<p data-testid="paragraph-9" class="Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs">Two sources with direct knowledge said
the option of raising another $500 million from a trade house or consortium was being actively explored.</p>
<p data-testid="paragraph-10" class="Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs">The details of a potential loan from
a trading firm have not been finalised but the trader could receive a long-term contract to supply crude and receive cargoes of refined products as repayment.</p>
<p data-testid="paragraph-11" class="Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs">The refinery has been delayed by
several years and the cost has ballooned to $19 billion from Dangote's earlier estimates of $12-14 billion. Construction was also delayed due to COVID-19 outbreaks among workers at the site and delays getting materials, two sources with
knowledge of the project said</p>
<p data-testid="paragraph-11" class="Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs">Many industry sources do not expect
any products before the second half of next year.</p>
<p data-testid="paragraph-13" class="Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs">Swiss traders like Vitol along with
Nigerian firms, have cashed-in for years in gasoline-short Nigeria by supplying mega tenders and being part of lucrative crude-for-fuel swap deals for over a decade.</p>
<p data-testid="paragraph-14" class="Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs">Getting a hold of Dangote's fuel will
give the trader a stranglehold on a key set of new oil flows. Nigeria's new oil bill, approved last month after nearly 20 years of political wrangling, has added fuel-import licence requirements that experts fear will give Dangote an
effective
monopoly.<span> </span><a href="https://www.reuters.com/world/africa/nigerias-buhari-signs-historic-oil-overhaul-bill-into-law-2021-08-16/" class="Text__text___3eVx1j Text__dark-grey___AS2I_p Text__medium___1ocDap Text__large___1i0u1F Link__underline_default___MkI7S8">read more</a>
</p>
<p data-testid="paragraph-15" class="Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs">Under the new laws, the regulator
will prioritize local refiners for import licences and volumes would be based on production capacity or market share.</p>
<div class="SpacingContainer__container___2kvuUN SpacingContainer__max-width___1aBoiA">
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<p data-testid="paragraph-16" class="Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs">While Nigeria will remain open in
theory to international trading houses, a partnership with Dangote would be the only way to guarantee a foothold in Africa's biggest economy.</p>
<div class="ArticleBody__content___2gQno2"><span class="Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__default___1Xh7Yh SignOff__text___2onKdN">Reporting by Libby George in Lagos, Julia Payne and Dmitry Zhdannikov
in London, Writing by Julia Payne; editing by David Evans</span></div>
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<a href="mailto:Michaelakindele805@gmail.com" class="ng-binding">Michael Ogundare</a>
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<span class="comment-time ng-binding"> • about 3.4 months ago</span>
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<div class="comment-text ng-binding">The dangote group could seek . funds from NIgeria capital market The project. could be divided into phases.</div>
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<a href="mailto:gregmorgan.inv.co@gmail.com" class="ng-binding">Greg</a>
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<span class="comment-time ng-binding"> • about 3.4 months ago</span>
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<div class="comment-text ng-binding">The Dangote Refinery&Petrochemical Complex under construction is really a great business idea,one hope that this partnership being sought will materialize to the benefit of all the
stakeholders and the Nation .We.are looking forward to the completion of the Complex. The country(Nigeria) has the potential and it makes a good business sense to invest in this venture,as the fundamentals is great and good for
any discerning investor.</div>
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HomeNewsNigeria's Dangote in talks with traders for oil refinery loan
NIGERIA'S DANGOTE IN TALKS WITH TRADERS FOR OIL REFINERY LOAN
9/15/2021
Africa's richest man Aliko Dangote is in talks with some of the world's biggest
oil traders to help finance his mega refinery project outside of Nigeria's
commercial centre Lagos, sources with knowledge of the matter said.
The 650,000 barrel-per-day refinery, once complete, will be the continent's
largest plant and redraw major trade flows of crude and fuel in the Atlantic
basin.
Despite being Africa's biggest oil producer and exporter, the country depends
almost entirely on fuel imports after allowing its significant refining
capacity, 445,000 barrels-per-day, to become dilapidated over several decades.
Many past and current Nigerian officials, including President Muhammadu Buhari,
have announced plans to refurbish them but political will has been lacking.
The Natural Resources Governance Institute, a non-profit policy think tank, has
previously pointed to the moribund refineries as a key focus of oil corruption
and waste in the country.
Hit by economic consequences of the COVID-19 pandemic and soaring construction
costs, Dangote needs a cash injection.
Nigeria's state oil firm NNPC has to agreed to buy a 20% stake in the refinery
for about $2.8 billion but Dangote is looking for outside cash. read more NNPC's
head Mele Kyari said a process was on-going to raise $1 billion with Afreximbank
to fund part of its stake purchase.
The billionaire has held talks as recently as a month ago with executives from
the world's top two oil traders - Trafigura and Vitol.
Trafigura and Vitol declined to comment. A spokesperson for the Dangote Group
did not respond to multiple requests for comment.
Two sources with direct knowledge said the option of raising another $500
million from a trade house or consortium was being actively explored.
The details of a potential loan from a trading firm have not been finalised but
the trader could receive a long-term contract to supply crude and receive
cargoes of refined products as repayment.
The refinery has been delayed by several years and the cost has ballooned to $19
billion from Dangote's earlier estimates of $12-14 billion. Construction was
also delayed due to COVID-19 outbreaks among workers at the site and delays
getting materials, two sources with knowledge of the project said
Many industry sources do not expect any products before the second half of next
year.
Swiss traders like Vitol along with Nigerian firms, have cashed-in for years in
gasoline-short Nigeria by supplying mega tenders and being part of lucrative
crude-for-fuel swap deals for over a decade.
Getting a hold of Dangote's fuel will give the trader a stranglehold on a key
set of new oil flows. Nigeria's new oil bill, approved last month after nearly
20 years of political wrangling, has added fuel-import licence requirements that
experts fear will give Dangote an effective monopoly. read more
Under the new laws, the regulator will prioritize local refiners for import
licences and volumes would be based on production capacity or market share.
While Nigeria will remain open in theory to international trading houses, a
partnership with Dangote would be the only way to guarantee a foothold in
Africa's biggest economy.
Reporting by Libby George in Lagos, Julia Payne and Dmitry Zhdannikov in London,
Writing by Julia Payne; editing by David Evans
FROM THE ARCHIVE
* Six considerations for turbomachinery control upgrades
* Viewpoint: “Intelligizing” the refinery for business sustainability
* Business Trends: Global petrochemical overview—Part 1
* Maximize petrochemicals in the FCCU to boost refinery margins, improve
gasoline pool quality
* Business Trends: Clean fuels—a global shift to a low-sulfur world
* Top seven causes for lost olefin production
COMMENTS
COMMENTS
Add Comment
Michael Ogundare • about 3.4 months ago
The dangote group could seek . funds from NIgeria capital market The project.
could be divided into phases.
Greg • about 3.4 months ago
The Dangote Refinery&Petrochemical Complex under construction is really a great
business idea,one hope that this partnership being sought will materialize to
the benefit of all the stakeholders and the Nation .We.are looking forward to
the completion of the Complex. The country(Nigeria) has the potential and it
makes a good business sense to invest in this venture,as the fundamentals is
great and good for any discerning investor.
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Construction Boxscore: Project Spotlight
Project:
Al-Zour PRIZe project
Location:
Al Zour, Kuwait
Operator:
KIPIC
Cost:
8000
Capacity:
330,000 tpy
Completion date:
2026
Status:
Engineering
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