OIL PRODUCTS: Nigeria’s Dangote Refinery Operating at 60% Capacity
May-29 12:30
Operating the 650k b/d Dangote refinery at full capacity is a function of parameters such as leveraging crude sourcing, currency, and product demand, Artika Shukla, chairman of India’s state-run Engineers India Ltd. Said, cited by Bloomberg.
- Engineers India provided project consultancy for the Dangote refinery having a capacity of 650,000 barrels/day
- Shukla said she wasn’t aware of the gasoline production at Dangote being shut earlier in 2025, but that shutdowns are normal operational issues, she added.
- The FCC unit at the refinery has a capacity of 10m mtpa is the world’s largest. The scale and size of the unit makes it a challenge to operate.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
GILTS: Initial Resistance In Futures Holds For A Second Day
Apr-29 12:29
Gilt futures continue to respect initial resistance at Friday’s high (93.34), topping out at 93.33 for a second consecutive session.
- Still, the bullish technical phase in the contract remains intact, with pullbacks remaining relatively shallow at this stage.
- If the move does develop further, through a break of Friday’s high, focus would quickly shift to the nearby 76.4% retracement of the April 7-9 sell off (93.44).
- Yields are 1-3bp lower on the day, with 10s outperforming and 50s lagging.
- Gilt bulls eye 4.460% in 10-Year yields.
- 2s10s continue to trade around 16bp below cycle closing highs, although the spread has failed to close back below 60bp since the break above in early April, last ~62.8bp.
- 5s30s is ~10bp below cycle closing highs, last 128bp.
- As we have previously noted, while fundamentals (the potential for a more activist BoE easing cycle, tepid economic growth and ongoing fiscal fragility) point to further curve steepening, already crowded steeper plays and apparent increased activism from public agencies (Treasury, DMO & the BoE) when it comes to limiting long end yield spikes presents risks/limitations to such moves, at least in the short-term.
EGB SYNDICATION: 3.00% Jun-49 Green OAT: Priced
Apr-29 12:14
- Reoffer: 87.014 to yield 3.834%
- Spread set earlier at 3.00% Jul-49 OAT + 13bps (guidance was +15bp area)
- Size: E5bln (MNI expects E4-8bln)
- Books in excess of E74bln (inc JLM interest)
- Settlement: May 7, 2025 (T+5)
- Bookrunners: Barclays, BNPP (B&D), BofA, CA-CIB, HSBC, Natixis
- Timing: MNI expects to price today
Source: Bloomberg and MNI colour
GILT PAOF RESULTS: GBP217.0mln of the 1.25% Nov-54 linker sold.
Apr-29 12:03
- GBP225.0mln had been on offer.
- This leaves GBP15.050bln of the linker in issue.
Related bullets
Related by topic
Gasoil
Marine Oil
Oil Positioning
OPEC
Freight
Jet Fuel
Gasoline
Fuel Oil
Diesel
Oil Options
Energy Data
Nigeria
