January 13, 2025 [Nairametrics]- The Dangote Petroleum Refinery is building eight new storage tanks with a combined capacity to hold 6.3 million barrels of crude oil to store imported crude.
According to an exclusive report by Africa Report, the 650,000-barrel-a-day capacity refinery struggles to get an adequate local supply of crude, hence it is increasing its crude import this year.
The Vice president for oil and gas at Dangote Industries Ltd, Devakumar Edwin, said crude supply from the Nigeria National Petroleum Company Limited (NNPCL) is insufficient.
Edwin, who noted that the refinery currently has 20 crude storage tanks with a capacity of 120 million litres each, told Africa Report that four of the new eight tanks being built are almost completed.
“So we have started building eight additional crude tanks to hold a billion litres, over and above our original storage capacity,” he said.
The Dangote Refinery started importing crude oil abroad last year after NNPCL failed to supply it with sufficient crude oil for its operations.
Tanker-tracking data compiled by Bloomberg show that the Dangote Refinery got shipments of imported crude up to 358,000 barrels per day in December 2024.
The eight new tanks have a total capacity of 6.3 million barrels, which is equivalent to one billion litres of storage. According to the report, the additional storage expands the facility’s overall capacity to store crude by about 41%.
Dangote refinery retained 13% of Nigeria’s crude exports in 2024
Nairametrics reported that the Dangote refinery retained 13% of Nigeria’s crude oil exports as domestic supply in 2024, while also contributing to a boost in Nigeria’s crude imports.
Reuters reported that crude supplies to the Dangote refinery raised Nigeria’s domestic share of oil exports from 2 percent in 2023 and slightly cut the country’s exports to Europe.
Nigeria imported 47,000 barrels per day of US West Texas Intermediate (WTI) oil in 2024 with Dangote refinery taking a substantial share of the imports.
Free Trial: Access 13,300 Tank Terminal and Production Facilities
13,300 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data
