Chinese state energy major PetroChina has been waiting to unload a cargo of U.S. crude at Nigeria’s giant new refinery for nearly a month due to payment issues, according to four trading sources and shipping data.
The impasse highlights difficulties the $20 billion plant funded by Africa’s richest man Aliko Dangote faces in its aim to be the biggest refinery on the continent and in Europe when it reaches full capacity this or next year.
Dangote aims to reverse the trend by which the oil-rich country exports its crude but almost totally relies on imports of fuel and other refined products.The 2-million-barrel West Texas Intermediate (WTI) crude cargo shipped by PetroChina onboard supertanker Maran Mira has, however, been floating off Nigeria since March 28, shipping data on LSEG and Kpler showed.
The completion of the oil sale from PetroChina to Dangote has been delayed as the refinery has yet to issue a letter of credit to the Chinese trader, one source familiar with the matter said.
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