Nigeria’s Dangote Warns of Russian Oil Product Threat to African Refineries
Nigerian billionaire Aliko Dangote has raised alarm over discounted Russian petroleum products flooding African markets and threatening to undermine the continent’s emerging refining industry.
Dangote, who operates Africa’s largest refinery with an initial capacity of 650,000 barrels per day near Lagos, warned of increasingly facing the dumping of cheap, often toxic petroleum products blended to substandard levels that would never be allowed in Europe or North America. He attributed this trend to Western sanctions on Russian oil prompting Moscow to offer steep discounts to alternative markets, including Africa.
The billionaire expressed particular concern about the Lomé floating oil market off Togo’s coast, dominated by international traders storing over two million barrels of petroleum products, warning it could undermine Africa’s refining efforts. Despite Africa producing around seven million barrels of crude oil daily, only 40 percent of consumption is refined locally, with the continent importing over 120 million tonnes of refined products annually.
Dangote urged African governments to adopt protective measures employed in the United States, Canada, and Europe, such as tariffs and emissions caps, to protect the domestic industry from international traders exploiting regulatory gaps and inconsistent fuel standards.
Source: bairdmaritime.com
