A data analysis company, Kpler on Friday reported that the newly rehabilitated Port Harcourt refinery has started the export of refined petroleum products.
Kepler also reported that the refinery was selling its first cargo of low-sulfur straight-run fuel oil to Dubai-based Gulf Transport and Trading Limited.
According to it, the refinery started up its Coolant Distribution Unit 1 this week, with its estimated pinning operations at 20,000 barrels per day.
It explained that the 60,000bpd facility, currently operating at 70 per cent capacity, sold its first low sulfur straight run fuel oil cargo, pointing to a gradual and phased start-up of operations.
It added that the ship will load 15,000 metric tons of the product, which translates to about 13.6m litres.
It said: “Port Harcourt sold its first LSSR cargo, with a sulfur content of 0.26 per cent wt and a 0.918 g/ml density at 15°C, to Dubai-based Gulf Transport & Trading Limited. Loading onboard the Wonder Star MR1 in the coming days.
“The 15,000 metric tonnes cargo, sold at a $8.50/t discount to the NWE 0.5 per cent benchmark on an FOB basis.”
It said the development would help displace imports from traditional suppliers in Africa and Europe, as Nigeria’s falling clean product imports are already decreasing, dragging imports into the wider West Africa region lower as well.
Kepler further said the LSSR was produced from the 60,000 bpd section of the refurbished Port Harcourt refinery following a November 26 announcement that it began processing crude oil.
It said: “LSSR production from this train is expected to steady at about 60,000 metric tonnes per month over the near term. The larger 150,000 bpd section of the refinery, however, remains offline and will start up after production from the first phase stabilizes.
“ A potential ramp-up to full capacity of 210,000 bpd would weigh on fuel imports to the country after Dangote’s rising refinery runs have already pressured gasoline imports to multi-year lows since October.”
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