By Our Correspondent
The Nigerian National Petroleum Company Limited (NNPCL) has begun exporting low-sulfur straight-run fuel oil (LSSR) from the Port Harcourt Refinery, marking a key milestone for the facility.
The first shipment, destined for Dubai-based Gulf Transport & Trading Limited (GTT), will be transported aboard the Wonder Star MR1 vessel in the coming days.
This initial export comprises 15,000 metric tons, equivalent to approximately 13.6 million liters of fuel.
While modest in scale, the entry of Nigerian refined products into the global market could influence fuel oil pricing dynamics and shift supply chains in the Atlantic Basin.
The product’s specifications reportedly include a sulfur content of 0.26 percent and a density of 0.918 g/ml at 15°C. The cargo was sold at a discount to the NWE 0.5 percent benchmark on a Free on Board (FOB) basis.
Analysts reveal that as Nigeria increases refined product exports, traditional suppliers in Africa and Europe may face reduced demand.
At the time of this report, official confirmation from NNPCL’s spokesperson was unavailable.
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