Now we are going to have dollar purchase pressure.
Abi dangote pressure the fg/cbn to subsidize dollar sales ni?
Whereas nnpcl is also placing pressure on its own dollar requirements

Jesus Christ🤔

So we have
Nnpcl version 1.0

Nnpcl version 2.0

CheapHomes1:


do you have anything to say? what if I dont keep quiet? who said anything whether you are competing or not? if you are not competing, then what were you telling him?

I am telling you to shut up and go away

You are a nuisance

Is that clear enough?

If not you can continue running your mouth

Ah wahala dey o…. See refinery when we Dey expect to come save us.
Last last na dollar rate Alhaji go sell him fuel ⛽️.
This 2 need to be arrested

Topman7:


School dropout.

Iranian oil is a heavy grade, and not the same as US crude.

Your head is EMPTY, but filled with insults like a typical stupid tout.

You are telling me the 7th largest refinery did not put to consideration the different grade of oil?

There is no ideology that justifies lap dancing for USA and western colonizer mindset..

In a billion years Nigeria if reliant on the stupid dangote refinery will be drenched of it's little life and fed to the colonizers.

rertylentl:
Nigeria one of world's largest crude oil producers now buys crude oil from US. Tinubu have mechanic brain

Our crude is used for loan repayment hence leaving small amount for refining

Dynamicboss:


Our crude is used for loan repayment hence leaving small amount for refining

I don't know why you people keep trafficking these narrative when the nnpcl is saying it has unsold cargoes of crude

baralatie:
Now we are going to have dollar purchase pressure.
Abi dangote pressure the fg/cbn to subsidize dollar sales ni?
Whereas nnpcl is also placing pressure on its own dollar requirements

Jesus Christ🤔

Who is "we" Dangote is not Nigeria


He does not have to buy crude from Nigeria and he very likley will sell some of what he produces in dollars

Even if he used Nigeria crude and paid for it in Naira There would still be an OPPORTUNITY COST of the lost/FOREGONE dollars that could have been made selling the oil in dollars

Gajagojo:
Who is "we" Dangote is not Nigeria


He does not have to buy crude from Nigeria and he very likley will sell some of what he produces in dollars

Even if he used Nigeria crude and paid in Naira

There would still be an OPPORTUNITY COST of the lost dollars that could have been made selling the oil in dollars

First of all Dangote got a whopping $3 billion in waivers from the fg/cbn to get that refinery
Secondly he does not have to buy nigerias crude but he will need to approach the fg/cbn dollar reserves to buy in dollars to whomever he chooses(giving speculation on the dollar purchase)
Thirdly if dangote now chooses to sell in dollars to the Nigerian market where do you think Nigeria will source the dollars from? The same fg/cbn window
Fourth if you say dangote will export his refined products you think it will sell in it's neighbouring countries who have access to cheaper products?

Common!
Dangote refinery is just a nnpcl version 2.0 which does not help the economy at all

Lilosio:


Dangote capacity is not 6 million barrels per day but 650,000 baba.. nor dey cap for here

Nigeria capacity is 1.3 million barrels per day more than enough for that's like half of what dangote wants..

Yes we can't supply enough for that capacity based on current agreement in place with trading partners but the BIG QUESTION:

why not source from cheaper source than America expensive dollar?

650k barrels per day is the production capacity.
6m barrels is the feed stock.
It simply means they will have 6m in the system or are you expecting them to go about buying 650 barrels everyday?
Its called feedstock.
And about his source, he is a business man whi is out to make profit, he became the richest black man by doing busing, i dont thinka nobody like you has a bragging right to advice him on what is profitable for him or not.

E say no dey cap.
You ignorants folks loL

rertylentl:
Nigeria one of world's largest crude oil producers now buys crude oil from US. Tinubu have mechanic brain

It please you to abuse government than face the topic

Gajagojo:
I am telling you to shut up and go away

You are a nuisance

Is that clear enough?

If not you can continue running your mouth

why should I shut up? what if I dont shut up? have you shut up? pls tell me the meaning of "nuisance".

baralatie:

First of all Dangote got a whopping $3 billion in waivers from the fg/cbn to get that refinery
Secondly he does not have to buy nigerias crude but he will need to approach the fg/cbn dollar reserves to buy in dollars to whomever he chooses(giving speculation on the dollar purchase)
Thirdly if dangote now chooses to sell in dollars to the Nigerian market where do you think Nigeria will source the dollars from? The same fg/cbn window
Fourth if you say dangote will export his refined products you think it will sell in it's neighbouring countries who have access to cheaper products?

Common!
Dangote refinery is just a nnpcl version 2.0 which does not help the economy at all

I do not know whether he got 3 billion in waivers I have not seen the evidence perhaps you can share I do not see how that is relevant to this
Assuming that is correct I fail to see the relevance here

How is that relevant to his decision to buy WTI from America


Let us assume that you are correct that he would have to approach foreign reserves instead of buying Nigeria crude in Naira the opportunity cost to Nigeria is it does not sell the exact same amount of oil in dollars and so those dollars will not enter the Foreign reserves BUT The Nigerian government would still be obliged to used those reserves to give the likes of Mobil and Shell and Chevron THEIR SHAR of any Naira that Dangote pays because the oil is generally often CO OWNED in JVs 60:40 and s they will seek to repatriate their money or you will hear of trapped funds


Dangote cannot choose to sell in dollars to the Nigerian market and assuming he can then the Nigerian market would be getting dollars from the oil they did not sell to Dangote in Naira which they would in such scenario have sold for dollars bearing in mind today that the difference in price between Bonny Light and WTI which Dangote is bidding for today is $14 https://oilprice.com/oil-price-charts/ which is a huge amount


The simple truth is many of you are very emotional and ignorant of the industry and should simply be silent

You see the life. We are together as one because of our Niger delta oil. Remove oil Nigeria will be no more. After all my region have done to develop your state, this is how you can show your appreciation.

Paraman:
I hope the people who thought Buhari and Tinubu will give free crude oil from their states to Dangote can now rest

Islie:

https://saharareporters.com/2024/05/16/dangote-refinery-buy-24-million-barrels-us-crude-oil-report




https://www.bloomberg.com/news/articles/2024-05-16/nigeria-s-new-mega-refinery-seeks-millions-of-barrels-of-us-oil?srnd=homepage-middle-east

And we expect Naira to be strong

CheapHomes1:


why should I shut up? what if I dont shut up? have you shut up? pls tell me the meaning of "nuisance".

Don't shut up

continue running your mouth

So we don't have crude oil anymore in Nigeria....

Nigeria crude oil is sold years ahead in Jonathan and Buhari govt tinubu dont even have access to Nigeria oil income

So you expect a private business not to buy his raw material where available

Gajagojo:
Don't shut up

continue running your mouth

why should i not shut up? why should I continue running my mouth? what does it mean to run my mouth?

baralatie:

I don't know why you people keep trafficking these narrative when the nnpcl is saying it has unsold cargoes of crude

Are you sure NNPC is not trying to play a safe game here? We do not know the reality on ground but Nigeria is a complex place to comprehend

MarketDispatch:
Still struggling to understand why NNPCL will part finance Dangote Refinery, but Dangote is going to buy Crude oil in USA whilst NNPCL has Crude oil in Nigeria

What is the connection between part financing and buying crude in the USA

why is buying crude in the USA a bad thing make us understand?



NNPC is a shareholder in the Refinery so what? Why does that mean the refinery should buy crude from NNPC

or Nigeria

Dangote is buying a type of crude which today is $14 a barrel cheaper than Nigerian crude

https://oilprice.com/ $14 X 1.4 million X 365 makes plenty of sense to me

Nigerian Crude Bonny light is the most expensive in the market

Dangote does not have to use it

NNPC can sell their and do what they want with the cash

CheapHomes1:
why should i not shut up? why should I continue running my mouth? what does it mean to run my mouth?

Ask your father he will know

Gajagojo:
Ask your father he will know

did you ask yours before you came on the thread?

CheapHomes1:
did you ask yours before you came on the thread?

Ask your father

Islie:

https://saharareporters.com/2024/05/16/dangote-refinery-buy-24-million-barrels-us-crude-oil-report




https://www.bloomberg.com/news/articles/2024-05-16/nigeria-s-new-mega-refinery-seeks-millions-of-barrels-of-us-oil?srnd=homepage-middle-east

why cant Dangote buy from Nigeria, would that not increase the prices of the by products ?

On average last year the US imported 8.5 million barrels a day it also exported just over 10 million barrelos daily

Why did it not just stop all imports?


The market is complex and dynamic

The refining sector is totally different from the upstream sector


They are decoupled and operate independently

People need to understand this and generally refrain from talking about what they do not know

Dynamicboss:


Are you sure NNPC is not trying to play a safe game here? We do not know the reality on ground but Nigeria is a complex place to comprehend

Since the aftermath of COVID nnpcl has to deal with unsold cargoes till date

bnanny:
Dangote is a business man. His private company can buy crude from anywhere in the world. Anyone from tinubu or obi camp who is paid Should set up his/her own refinery period.

it is not for his business and it is embarrassing seeing dangote buying from a far away country because nnpc can't meet up.....

Gajagojo:

I do not know whether he got 3 billion in waivers I have not seen the evidence perhaps you can share I do not see how that is relevant to this
Assuming that is correct I fail to see the relevance here

How is that relevant to his decision to buy WTI from America


Let us assume that you are correct that he would have to approach foreign reserves instead of buying Nigeria crude in Naira the opportunity cost to Nigeria is it does not sell the exact same amount of oil in dollars and so those dollars will not enter the Foreign reserves BUT The Nigerian government would still be obliged to used those reserves to give the likes of Mobil and Shell and Chevron THEIR SHAR of any Naira that Dangote pays because the oil is generally often CO OWNED in JVs 60:40 and s they will seek to repatriate their money or you will hear of trapped funds


Dangote cannot choose to sell in dollars to the Nigerian market and assuming he can then the Nigerian market would be getting dollars from the oil they did not sell to Dangote in Naira which they would in such scenario have sold for dollars bearing in mind today that the difference in price between Bonny Light and WTI which Dangote is bidding for today is $14 https://oilprice.com/oil-price-charts/ which is a huge amount


The simple truth is many of you are very emotional and ignorant of the industry and should simply be silent

When I saw your comment that you did not know that dangote waivers from the fg to the tune of $3 billion.
I knew you were been fovy
You can't tell dangote to buy in dollars and sell in nair
It is tantamount to suicide

Nothing good can come from apc , everything about them is coated with lies and deceit, very unfortunate

Paraman:
I hope the people who thought Buhari and Tinubu will give free crude oil from their states to Dangote can now rest

If this news does not scare you, nothing else can. We are learning that next year, Dangote will depend on oil from thousands of miles away to fuel an oil producing nation and you see it as vindication of your leaders? Just wow.

baralatie:

When I saw your comment that you did not know that dangote waivers from the fg to the tune of $3 billion.
I knew you were been fovy
You can't tell dangote to buy in dollars and sell in nair
It is tantamount to suicide

Emotions

Whether he got waiver or not what has that got to do with this?

You are just being emotive

Suicide? How? What does that mean?
If Dangote gets dollars from the CBN why can't he be asked to sell in Naira ?

His Refinery at full capacity is 650000 barrels a day

Nigeria does not use that much so he was always targetting foreign sales from day one.