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Nigeria’s Dangote refinery to export 2 fuel cargoes— Sources 

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According to trading sources cited by Reuters, the Dangote Petroleum Refinery has released tenders for the sale of two fuel cargoes for export, the first from the recently operational refinery.

 

The $20bn Dangote refinery, inaugurated in May last year by former President Muhammadu Buhari, has been expected to commence operation but has suffered setbacks which include the inability of Nigeria’ state oil enterprise, NNPCL, to supply it raw crude.

 

 

Lingering regulatory approvals had also stalled Dangote Petrochemical Refinery’s plan to release aviation fuel (Jet A1) and diesel for sale in the Nigerian market in January.

 

 

Three of the sources told Reuters that the first cargo is 65,000 metric tonnes of low-sulfur straight run fuel oil, which Dangote has awarded to Trafigura and is scheduled to load at the end of February; although, Trafigura, like Dangote, has declined to comment on the report.

 

 

Without providing more details, at least one refiner stated that Trafigura had made them an offer for the cargo.

 

 

According to three additional sources, the second tender is for roughly 60,000 tonnes of naphtha. They both mentioned that the deadline for submissions is February 15. Details about loading were not immediately accessible.

 

 

LSEG and Kpler ship tracking claims Dangote has also bought some US oil. Two million barrels of US WTI Midland are anticipated for delivery in early March.

 

Constructed on a peninsula near the outskirts of Lagos, the commercial capital of Lagos, the refinery boasts the largest nameplate capacity of any refinery in Africa, having been built by Aliko Dangote, the richest man on the continent.

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IMF mission concludes 4th loan program assessment in Egypt

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Following the completion of a recent visit to Egypt, the International Monetary Fund (IMF) has announced that its mission had achieved significant strides in policy talks aimed at concluding the fourth review of the IMF loan program.

The review is the fourth in Egypt’s most recent 46-month IMF loan program, which was authorised in 2022 and increased to $8 billion this year following an economic crisis characterised by high inflation and chronic foreign exchange shortages. It may unleash more than $1.2 billion in financing.

Along with reaffirming its commitment to maintain a flexible exchange rate system, the IMF stated that Egypt “has implemented key reforms to preserve macroeconomic stability,” including the unification of the currency rate that facilitated imports.

Earlier on Wednesday, Egypt’s Prime Minister Mostafa Madbouly said Cairo has asked the IMF to modify the targets for the programme not only for this year, but for its full duration, he added without giving more details.

“Discussions will continue over the coming days to finalize agreement on the remaining policies and reforms that could support the completion of the fourth review,” the IMF added in its statement.

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Kenya seeks $750m from World Bank, obtains $200m from AfDB— Official

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The head of debt management for the finance ministry told Reuters that Kenya had obtained a $200 million loan from the African Development Bank (AfDB) and was negotiating a fresh $750 million loan with the World Bank.

After being forced to abandon proposed tax rises costing more than 346 billion shillings ($2.68 billion) in June due to fatal demonstrations, the East African nation’s administration, which has been grappling with significant debt, has been frantically seeking fresh funding.

The Finance Ministry’s public debt management office director general, Raphael Owino, told Reuters that the IMF’s October clearance of the seventh and eighth reviews, which opened the door for a $606 million loan tranche, had aided the ministry’s talks for more loans.

“The World Bank is coming on board, riding on the back of IMF receipts,” Owino said. “The AfDB is already on board.”

The discussions for more assistance, which came under the World Bank’s “Development Policy Operations” (DPO) with the government, were confirmed by a representative at the organization’s Kenya office.

“The amount of the current (loan) is yet to be determined. The amount will also depend on the implementation of the policy reforms agreed upon,” the spokesperson told Reuters, adding that past DPO loans averaged about $750 million.

In May, the World Bank approved the latest round of DPO loans, totalling $1.2 billion.

According to a statement made last month by Finance Minister John Mbadi, Kenya has set a foreign borrowing goal of 168 billion shillings for the fiscal year ending in June 2025.

 

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