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Nigeria’s Dangote wants to set up trading arm for Lagos mega refinery

Nigeria’s Dangote wants to set up trading arm for Lagos mega refinery

Africa's richest man Aliko Dangote is planning to set up an oil trading arm, likely based in London, to help run crude and products supply for his new refinery in Nigeria, six sources familiar with the matter said. The move would reduce the role of the world's biggest trading firms, which have been negotiating for months to provide the refinery with financing and crude oil in exchange for product exports. The giant 650,000 barrel-per-day refinery is set to redraw global oil and fuel flows and the trading community is closely watching the way it will operate. Dangote, whose wealth is…
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