LONDON: July loading Nigerian cargoes continued to clear slowly while Angolan Pazflor and Dalia traded swiftly.
Africa’s richest man Aliko Dangote said that he expected his refinery to be up and running by 2019 while almost doubling his cement production on the continent by adding plants in eight countries.
Nigeria’s currency, the naira, held steady at the end of its first week after being floated. It ended at 281 to the dollar.
Dollar shortages have held back Nigeria’s ability to import, particularly for gasoline, forcing it to engage in more crude for product swap deals. ANGOLA
Pazflor continued to clear at strong differentials of around dated Brent plus $2.90 a barrel.
Sonangol sold the Aug 7-8 Dalia it offered on Thursday at dated Brent minus $3.20 a barrel. Traders said the deal was done slightly lower. NIGERIA
Just over 10 cargoes of July loading Nigerian crude were still available. * Shell offered a third decade July loading cargo of Bonny Light at dated Brent plus $1.80 a barrel. The offer was considered too high to attract buyers.
Earlier this week Qua Iboe was being offered at dated Brent plus $2.10, well above trades for over the last year.
Sahara sold a cargo of Agbami destined for Northwest Europe, one trader said. TENDERS
India’s BPCL has picked up a combination cargo of Qua Iboe and Agbami and another Qua Iboe, traders said. One added that the sellers were Vitol and Total.
Copyright Reuters, 2016
Courtesy : BRecorder