Asia set to receive more fuel oil from Nigeria's Dangote refinery

Asia's oil hub of Singapore is set to receive more fuel oil from Nigeria's Dangote refinery in April, following a jump in arrival volumes last month, according to trade sources.

The refinery has offered additional residual fuel for export in its latest tender this week, with the cargo set to load between April 17 and April 19, sources said.

The combination cargo will comprise about 85,000 metric tons of low-sulphur straight-run fuel oil and 35,000 tons of slurry. The tender closes on Friday, sources said.

Prior to this, the refiner had sold a cargo for loading scheduled between April 10 and April 12, based on tender records compiled by Reuters.

Asia was the top destination for fuel oil exports from the Dangote refinery in 2024, based on data from shipping analytics firm Kpler.

Dangote exports fuel oil on an occasional basis depending on refinery plant status, sources said.

Asia received a record monthly high of Nigerian fuel oil arrivals in March totalling more than 300,000 tons, data from Kpler showed.

Expectations of higher supplies are expected to cap fuel oil benchmarks in Asia, which have already softened in recent sessions.

Reuters