The Dangote refinery has exported its first petrol (gasoline) cargo to the US markets, Argus reported, citing data from global trade analytics platform Kpler and market sources.
The Gemini Pearl loaded around 300,000 barrels of petrol at the Dangote port on August 26 and is en route to the US for likely discharge at the port of New York or New Jersey by September 12.
Although there was no direct confirmation as to who bought the cargo, it was speculated that trading firm Vitol could have chartered the vessel.
This is the first Nigerian petrol cargo to move to the US, but not the first time Dangote has exported gasoline out of West Africa.
The refinery has exported to Asia, having sent three LR2 cargoes to the continent with two to the Mideast Gulf and one to Singapore, in June and July respectively.
Since starting operations in 2024, the 650,000 barrels per day refinery has aimed to capture Nigeria’s petrol market and break a long history of import dependence to supply the country’s fuel. However, truck delivery supply has limited the plan from fully materialising.
However, since the refinery began producing petrol last September, its supply has gradually found its way into a growing number of international markets, including neighboring African countries, the Middle East and Southeast Asia.
This opportunity comes for the refinery at a time where there is spike in US Atlantic Coast RBOB prices and falling inventories in the east coast.
Dangote has also previously exported petrol to the Mideast Gulf during periods of tight supply, highlighting its growing role as a new global swing supplier.
Dangote Refinery is currently exporting low-sulphur straight-run fuel oil (LSSR), suggesting its Residue Fluid Catalytic Cracking (RFCC) is still running below full capacity while the unit continues to undergo intermittent maintenance. Analysts estimated the unit’s present run rates at about 45-50 per cent efficiency.
The RFCC, which is used for upgrading heavy feedstock to light products such as petrol, was shut in August for around 10-15 days, although the unit has likely restarted since. High metals content in the refiner’s LSSR exports, a feedstock for the RFCC unit, continues to indicate operational issues at the RFCC.
At its current 650,000 barrels per day capacity, the refinery is expected to be capable of producing around 210,000 barrels per day of petrol at an 85 per cent utilization rate, leaving it shy of domestic consumption that is anticipated to grow steadily each year.