THE Organisation of the Petroleum Exporting Countries, OPEC, said the Dangote Petroleum Refinery has impacted the flow of Premium Motor Spirit, PMS, also known as petrol in the European market.
The 650,000-capacity Dangote refinery commenced production and export of petroleum products,including diesel and fuel to the global market last September.
However, in its report released yesterday, OPEC maintained that the commencement of operations has reduced the importation of petroleum products from Europe to Nigeria and other nations.
It stated: “The ongoing operational ramp-up efforts at Nigeria’s new Dangote refinery and its gasoline (petrol) exports to the international market will likely weigh further on the European gasoline market.
“Continued gasoline production in Nigeria, a country that has relied heavily on imports to meet its domestic fuel needs in the past, will most likely continue to free up gasoline volumes in international markets which will call for new destinations and flow adjustments for the extra volumes going forward.”
It also stated: “In December, refinery margins dropped in the US Gulf Coast (USGC) and Singapore.
Weakness was seen across the barrel, except for jet/kerosene on the USGC and gasoline (92) in Singapore, as healthy refinery runs led to rising product availability while weak export incentives added to the pressure.
“However, in Rotterdam, refining margins extended their upward trajectory amid improved travel activities during the yearend holiday season, with gasoline, gasoil, and fuel oil (1.0% sulphur) backing the monthly gain. Global refinery intake increased further adding 1.1 mb/d, m-o-m, as offline capacities trended significantly lower in December, in line with historical data.”
SOURCE: VANGUARD
About The Author
