Refiners eye $329m savings from proposed crude swap
Nigerian refiners could save up to $329m with the proposed crude swap arrangement, cutting logistics costs and boosting domestic supply. Learn how this ini Read More: https://punchng.com/refiners-eye-329m-savings-from-proposed-crude-swap/
The Nigerian Upstream Petroleum Regulatory Commission has started discussions with industry stakeholders regarding a domestic crude oil and gas swap arrangement. This initiative aims to decrease supply costs for Nigerian refineries and ensure an adequate supply of crude oil. The proposed swap could lead to potential savings of between $246.6m and $328.8m for local refineries in the first half of 2026, based on 82.2 million barrels of crude supplied under the Domestic Crude Supply Obligation.
The proposed swap could also facilitate more efficient transportation by allowing refineries to receive crude from the nearest available terminal, thus eliminating costly logistics expenses.
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