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Dangote refinery enters Asian market, ships first low-sulfur oil to Singapore

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12 months ago

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Dangote Refinery is set to send a shipment of low-sulfur straight-run fuel oil (LSSR) from Nigeria to Singapore this week, according to ship tracking data and market sources, making the first time breaking into the Asian market.

This shipment initiates a fresh trade route from the recently opened refinery to Asia, which consistently lacks the low-sulfur fuel oil needed for refueling ships at Singapore, the largest bunker hub globally.

The Dangote refinery, which began operations in January after a $20 billion investment, has the capacity to process up to 650,000 barrels of products per day. Once it reaches full capacity, it will be the largest refinery in Africa and Europe.

Since March, the Dangote refinery has increased its LSSR exports, predominantly sending cargo to the Americas and Europe, as reported by ship tracking data from Kpler and Vortexa.

The first shipment bound for Asia is due to arrive on Wednesday. The Glencore-chartered vessel, Front Brage, will deliver approximately 124,000 metric tons (787,400 barrels) of LSSR to Singapore.

Market sources suggest that the cargo was redirected to Asia due to weaker demand in Europe. Data from LSEG indicates that the east-west spread for front-month 0.5 percent LSFO, reflecting the price difference between these regions, stayed above $40 per ton this week.

Dangote’s LSSR cargoes are priced against Rotterdam’s 0.5 percent LSFO quotes on a free-on-board basis, although the specific pricing differential for this shipment was not disclosed by market sources.

Another LSSR shipment from the Dangote refinery, containing around 157,000 tons, is expected to reach Singapore in July aboard the vessel Stena Suede, based on ship tracking data.

LSSR is generally mixed with other fuels to create low-sulfur fuel oil (LSFO) for bunkering or used as feedstock in various refinery processes.

In February, Dangote started exporting oil products and began purchasing crude oil, mainly from the Nigerian National Petroleum Company (NNPC) Ltd, in December 2023.

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Business

CAC reviews service fees

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1 day ago

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June 18, 2025

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The Corporate Affairs Commission, CAC, has announced a review of its service fees, scheduled to take effect from August 1, 2025.

Ekwutosblog learnt that the review followed a thorough evaluation of current economic conditions, rising operational costs, and consultations with key stakeholders across relevant sectors by the Commission.

The adjustments affect services provided to companies, business names, limited partnerships, and incorporated trustees, including post-incorporation filings and other regulatory services.

 

A comprehensive list of the new fees is available on the CAC website.

The adjustment is reportedly aimed at improving service delivery through enhanced digital operations.

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Business

Lagos loses N4trn yearly to traffic congestion, moves to regulate tanker operations

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5 days ago

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June 13, 2025

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The Lagos State Government has disclosed that the state suffers economic losses amounting to approximately N4 trillion each year due to persistent traffic congestion

This was revealed by the Special Adviser to the Governor on Transportation, Mr Sola Giwa, during a recent interview on TVC News.

He identified unregulated parking and the chaotic activities of tankers and articulated vehicles along key logistics corridors as major contributors to the problem.

In response, the government has announced the enforcement of an Electronic Call-Up (E-Call-Up) system, scheduled to take effect from Monday, June 16, 2025.

The initiative targets tankers and articulated vehicles operating along the Lekki-Epe corridor

Giwa explained that all truck operators entering Lagos to load or offload goods will now be required to register and book their movements through the E-Call-Up platform.

The system is designed to coordinate truck activities, eliminate indiscriminate roadside parking, and reduce traffic disruptions.

“Under the new system, tanker operators will be required to upload their Authority to Load, ATL, and pre-book assigned parking slots before arriving in Lagos.

The platform will also collect relevant cargo and travel data, supporting better logistical planning and enforcement.

Seven dedicated truck parks have been approved along the Lekki-Epe axis. These facilities will be equipped with restrooms, kitchens, electricity, and other basic amenities to support driver welfare and operational efficiency.

Giwa stated that the policy is the outcome of more than two years of stakeholder engagement and is a key part of the state’s broader efforts to reform its transportation system and build a more efficient and resilient urban environment.

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Arnold Ekpe: Nine things you need to know about new Chairman of Dangote Sugar

Published

6 days ago

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June 12, 2025

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Dangote Sugar Refinery Plc recently appointed Mr Arnold Ekpe as the new Chairman of its Board, effective 16th June 2025.

Ekpe’s appointment comes after the retirement of Alhaji Aliko Dangote as Chairman of the company on Wednesday.

Dangote’s retirement brought an end to a 20-year leadership of the company.

His retirement will take effect starting from June 16, this year, according to a statement issued yesterday by Company Secretary Temitope Hassan.

However, Ekwutosblog brings you seven things you need to know about Dangote’s replacement, Arnold Ekpe:

1. Ekpe is a seasoned finance professional with more than thirty years of experience in the corporate sectors and banking.

2. He was born in Aug. 1953 in Nigeria, and went to King’s College, Lagos, where he graduated in 1972 and later traveled to abroad for his tertiary education.

3. Ekpe attended the University of Manchester and earned a First Class Honours degree in Engineering as a Shell Scholar (1973–1976).

4. He later obtained an MBA from Manchester Business School (1977–1979).

5. Ekpe started his career in 1977 with Schlumberger SA as a Wireline Logging Engineer.

6. He joined Alcan Aluminium Nigeria as Executive Assistant to the CEO in 1979.

7. Ekpe then entered the banking industry in the early 1980s, starting at International Merchant Bank (an affiliate of First Chicago) as Head of Strategy.

8. He later became Group CEO of Ecobank Transnational Incorporated, a role he held until his retirement in 2012.

9. He has served as an Independent Non‑Executive Director at Dangote Sugar Refinery since 2024.

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