Africa’s wealthiest individual, Aliko Dangote, is reportedly considering establishing an oil trading arm, possibly based in London, to oversee crude and products supply for his new refinery in Nigeria, according to six sources familiar with the matter.
Dangote’s colossal 650,000 barrel-per-day refinery is poised to reshape global oil and fuel flows, attracting close scrutiny from the trading community. Despite numerous comment requests, Dangote, whose net worth Forbes estimates at $12.7 billion, has not responded.
BP, Trafigura, Vitol, and others have held discussions with Dangote in Lagos and London, offering loans to cover the approximately $3 billion working capital required for crude purchases, according to trading sources cited by Reuters. Although traders proposed fuel exports as loan repayment terms, no agreements have been finalized as Dangote expresses concerns over potential loss of control and profitability, the sources revealed.
Source: Reuters