Nigeria markets Nembe crude to Asia as output expected to grow
Recasts, adds quotes throughout
SINGAPORE, Sept 10 (Reuters) -Nigerian oil producers are marketing their latest new crude oil grade Nembe to Asian refiners as it expects production to triple in the short to medium term, company executives said on Tuesday.
Production of Nembe crude oil is expected to grow to 120,000 to 150,000 barrels per day in the short to medium term from 50,000 bpd currently, Victor Okoronkwo, group managing director at Aiteo E&P, told the APPEC conference.
He did not provide a timeframe for the expansion.
The new grade has been placed in several European refineries with interest from Exxon and Spanish refineries, Maryamu Idris, executive director, planning and commercial at NNPC Trading, said at the event.
"The next step is for Asia to get a taste of this grade," she said.
Idris added that Nembe crude is also expected to be processed at the new Dangote refinery in Nigeria, Africa's largest refining complex.
Reporting by Florence Tan; Editing by Kim Coghill and Jacqueline Wong
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
