Oil Marketers Eagerly Await $20bn Dangote Refinery’s Lifting Modalities

In a significant development for Nigeria’s oil and gas sector, seven major oil marketers have registered with the Dangote Petroleum Refinery to lift and distribute refined petroleum products from the $20bn plant.

This move comes as a crucial step in the operationalization of the much-anticipated refinery, which is expected to revolutionize the downstream sector in Nigeria.

The marketers, who are members of the Major Oil Marketers Association of Nigeria (MOMAN), confirmed their registration on Sunday.

The association’s Executive Secretary/Chief Executive Officer, Clement Isong, stated that all MOMAN members have registered with Dangote for the lifting and distribution of refined products from the refinery.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) are also in talks with the Dangote refinery to discuss the terms of product supply.

Marketers are currently awaiting the release of the refinery’s pricing template, which will enable them to negotiate the commercial terms for the lifting of products from the facility.

Some of the marketers are also inquiring about the currency in which they will pay for the products, with the hope that they will be allowed to pay in Naira rather than in dollars.

The Dangote Petroleum Refinery, a 650,000 barrels per day crude oil refinery located in the Lekki Free Trade Zone in Lagos, Nigeria, is expected to transform the country’s downstream sector and reduce its reliance on imported petroleum products.

The project is a significant step towards achieving self-sufficiency in the Nigerian oil and gas industry.

As the nation eagerly awaits the operationalization of the Dangote refinery, the lifting modalities and commercial terms will play a crucial role in determining the success of this ambitious project.