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Nigeria’s Dangote refinery receives first crude cargo

Nigeria’s Dangote refinery receives first crude cargo

THE Dangote oil refinery in Nigeria received its first cargo of 1 million barrels of crude oil from Shell International Trading and Shipping Co (STASCO), bringing the start of operations closer after years of delays. Once fully running, the 650,000 barrel-per-day refinery funded by Africa's richest man Aliko Dangote will turn oil powerhouse Nigeria into a net exporter of fuels, a long-sought goal for the OPEC member that almost totally relies on imports. Dangote Group said in a statement seen by Reuters on Friday that the cargo of 1 million barrels of crude from Agbami - a deep water field run…
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Algeria prepares new investment law, aims for non-energy funding sources

Algeria prepares new investment law, aims for non-energy funding sources

HAMID OULD AHMED ALGERIA is preparing a new investment law to improve its business climate and attract foreign investors with the aim of boosting the non-energy sector, according to Prime Minister Ayman Benabderrahmane. He also announced plans to develop the country's small stock exchange and launch banking and financial reforms to find new funding sources for the oil-reliant economy. OPEC member Algeria, which relies heavily on oil and gas exports, has been facing financial problems due to lower energy earnings. The situation worsened during the pandemic, which slammed crude demand and pressured international prices. The North African country has so…
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