By Christie U. Omonigho
The management of Dangote Refinery said the United States imported over two million barrels of jet fuel from the refinery in March, a development which according to an email to Energy Window International from the company was testimonial to the quality of the company’s products as well as the level of trust the international community has placed on the refinery.
According to the statement, data from ship-tracking service – Kpler indicated that six vessels with about 1.7 million barrels of jet fuel from the 650 000 capacity Ibeju Lekki-based Dangote Refinery and Petrochemical Company arrived United States ports this month, and another vessel – the Hafnia Andromeda, with approximately 348,000 barrels also expected at the Everglades terminal on the 29th of March 2025, a quantum analysts say highlights the potential of the refinery to reshape global fuel trading and dynamics while establishing a new swing supplier in the Atlantic Basin. It would be recalled that three cargoes of jet fuel totalling around 130 million litres had earlier been exported to Saudi Arabia by Dangote refinery, an indication that the refinery, analysts posited, has all it takes to compete with European refiners on gasoline (PMS) exports thereby challenging the economics of domestic producers in the world’s largest fuel-consuming nation.
The Chief Operating Officer of TankTiger, Steven Barsamian was quoted to have said: ‘’The surge in demand, partly driven by the influx of supply from Nigeria, is expected to lower jet fuel prices in the US ahead of the peak summer travel season. US jet fuel imports from Dangote Refinery are expected to decrease aviation fuel prices during this period, according to trade analysts and storage brokers. US jet fuel imports in March have averaged around 226,000 bpd, the highest since February 2023, underlining the global demand for products from Dangote Refinery.
“The Dangote Refinery, which commenced production in January 2024, has already exported its products to almost every continent. While the surge in US imports was partly triggered by a maintenance-related shutdown at the Phillips 66 Bayway refinery in New Jersey, analysts believe the choice of Dangote’s products highlights its growing presence in international markets, having successfully competed with European refiners in gasoline exports”.
An economist and Chief Executive Officer of the Centre for the Promotion of Private Enterprises (CPPE), Dr Muda Yusuf was also captured to have said that the export of jet fuel to the United States by the refining company was impressive, and this was while highlighting the quality, standard, and the trust that the international community has placed on the refinery.
“Nothing could be more prideful for us as a country than the fact that we now have a refinery producing products that can be exported to the United States. It speaks to the quality, standards, and trust that international communities have in Dangote Refinery, because these are markets that don’t compromise on quality. They have stringent standards, and if they deem it worthy to import from Nigeria, it is a source of great pride,” he said.
Energy Window International gathered that the former Director-General of the Lagos Chamber of Commerce and Industry (LCCI) who also spoke pointed out how significant the refinery is to Nigeria who currently has no place on the global stage for abysmal lack of aviation infrastructure and refining capability.
“That is why all of us—citizens and the government—should do everything to support the refinery, as it is breaking many barriers and boosting our country’s reputation. The lesson here is that we should support the Dangote Refinery and other refineries with similar capacities, as they can provide us with significant leverage,” he added.
Public policy analyst, Dr Abimbola Oyarinu was equally captured to have stated that the Nigerian economy would be in a better state today if the country had functional refineries in the past, rather than just exporting crude oil while importing refined petroleum products.
“This is something that should have been addressed since 2014. Things wouldn’t have reached this point—such as high inflation and unemployment—if we had a functioning refinery. However, both the government and the people failed to take action until Dangote stepped in with significant investment. The Dangote Refinery is not only reducing foreign exchange outflow, but it is also bringing in foreign exchange. It is unfortunate that despite this, some elites and those in power are still intent on sabotaging the refinery and Dangote himself,” he said.
The university lecturer also warned that the lack of ease in doing business and the frustration of local investments could discourage future investors.
“This is something the country should be proud of. We previously had a mono-economy, reliant solely on oil exports, but Dangote has helped diversify the sector by selling finished products to international markets. However, which investors would want to invest in Nigeria after seeing what Dangote is going through?” he had queried.