The Nigerian National Petroleum Company Limited (NNPCL) has sold the first cargo of Port-Harcourt Refinery’s low sulfur straight run fuel oil (LSSR) to a Dubai-based company – Gulf Transport & Trading Limited (GTT)
According to the Guardian newspaper, the company will load the shipment in the coming days with the Wonder Star MR1 ship, making it the first exportation of petroleum products since the commencement of operations at the plant on November 26, 2024.
Recall that NNPCL announced that the refinery began processing crude oil again after years of collapse. Its resuscitation marked a great milestone in Nigeria’s energy sector.
The refinery’s operation is expected to challenge the Dangote Refinery in Lagos State.
The cargo will load 15,000 metric tons of the product, which is equivalent to 13.6 million litres of the product.
According to Kpler, a go-to source for global trade intelligence, the sulfur content of the export by NNPCL stands at 0.26 per cent per wt and a 0.918 g/ml density at 15°C,
The cargo was reportedly sold at an $8.50/t discount to the NWE 0.5 per cent per cent on a Free on Board (FOB) basis.
Kpler suggests that this development could lead to Nigerian fuel replacing imports from traditional suppliers in Africa and Europe.