Cheap Russian oil products threaten African refineries: Dangote
Dangote, who has been ramping up Africa's largest refinery — a $20bn (R351.27bn) facility with an initial capacity of 650,000 barrels per day on the outskirts of Lagos — has struggled to secure crude supplies locally even as he aims to expand the capacity to 700,000 bpd.
"We are now increasingly facing the dumping of cheap, often toxic petroleum products, some of which are blended to substandard levels that would never be allowed in Europe or North America," Dangote said at an oil conference in Abuja.
He attributed this trend to Western sanctions on Russian oil, which have prompted Moscow to offer steep discounts to alternative markets, including Africa.
Russia's energy ministry did not immediately respond to a request for comment.
Dangote also expressed concern about the Lomé floating oil market off the coast of Togo, which is dominated by international traders. With over 2-million barrels of stored petroleum products, Lomé has become a key hub for fuel imports and Dangote warned it could undermine Africa's refining efforts.
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