Dangote Seeks Funding to Secure Crude for Mega Oil Refinery

SEATTLE (Oil Monster): According to reports, Dangote Refinery is looking for finance to guarantee a consistent supply of crude oil. According to reports, the refinery's officials are negotiating with banks, other organizations, oil traders, and other industry participants to get funding for the refinery's continuous operation.

By mid-2025, the Dangote refinery is anticipated to attain its full production capacity of 650,000 barrels of crude oil per day, having already surpassed 420,000 barrels per day. A minimum supply of 300,000 barrels per day will require the refinery to invest almost $2 billion every three months.

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The refinery will receive 365,000 barrels of crude per day from Mr. Mele Kyari, CEO, following a meeting with Nigerian National Petroleum Company Limited (NNPC Ltd). It's unclear, though, if NNPC will be able to keep these promises in the long run. To operate the refinery at maximum capacity, Dangote will also need to verify other supply sources.

According to reports, Dangote has already purchased crude from Brazil and the United States. Additionally, it is negotiating with major African producers, including as Angola and Libya. In order to raise the money required for the purchase of crude, it is also in discussions with the Africa Finance Corporation (AFC).