BUSINESS
Inside How Dangote Group Planned To Establish London Trading Firm For Refinery Operations
Details of how Africa’s richest man and President of Dangote Group, Aliko Dangote, intends to create an oil trading firm in London as part of his strategy to manage crude and product supply for his newly built refinery, are beginning to unfold.
BIGPEN NIGERIA (https://bigpenngr.com) reports that the move aims to reduce the reliance on major trading companies, who have been in negotiations to provide financing and crude oil in exchange for product exports.
Dangote, however wants to remain in charge instead of relying on foreign trading companies.
With a capacity of 650,000 barrels per day, the Dangote refinery is expected to impact global oil and fuel flows, attracting close attention from the trading community.
Despite discussions with companies like BP, Trafigura, and Vitol for loans to cover the $3 billion working capital needed for crude purchase, no deal has been finalized, according to Reuters report.
Dangote is concerned that these agreements may compromise his control over the project and potential profits.
Consequently, he plans to handle the trading operations internally, led by ex-Essar trader Radha Mohan, who joined Dangote as the director of international supply and trading in 2021.
The team is also in the process of hiring two additional traders.
BIGPEN NIGERIA (https://bigpenngr.com) reports that while the Dangote Petroleum Refinery was launched in Lagos in May 2023, Nigerians eagerly await the production and supply of its petroleum products, which was expected to begin in January 2024.
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