Nigeria's Dangote Oil Refinery Is Buying Ever More US Crude
Where does a giant refinery in Nigeria, Africa's largest oil producer, go to source the raw materials it needs to make fuels for the nation of 228 million people? Try crude fields around Midland in West Texas, about 6,500 miles away.
This year, the mega plant Dangote, near the commercial capital Lagos, bought a third of its crude from the US — the lion's share of it being the grade West Texas Intermediate - Midland, ship tracking compiled by Bloomberg shows. The proportion has been almost double what it was in 2024, the ramp-up year.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Bloomberg
an hour ago
- Bloomberg
Rebecca Shi on ICE Raids Scaring Essential US Workers
Rebecca Shi, American Business Immigration Coalition Executive Director, discusses the impact ICE raids are having on the US labor force and shares her thoughts on whether or not the deportations themselves or the fear the deportations are instilling on workers are putting more stress on the job market. She speaks with Joe Mathieu and Tyler Kendall on the late edition of Bloomberg's "Balance of Power." (Source: Bloomberg)
New York Post
an hour ago
- New York Post
SoftBank pitches chip giant TSMC on building $1 trillion AI hub in US: report
SoftBank CEO Masayoshi Son is pitching Taiwan Semiconductor Manufacturing Company on a massive $1 trillion complex in the US to build robots and artificial intelligence, according to a report. The giant robotics center would be based in Arizona, a version of the production hub seen in the Chinese city of Shenzhen that could help bring manufacturing back to the US, sources told Bloomberg. It comes as President Trump has been calling for an all-hands approach to bringing manufacturing opportunities to the US, especially by tech companies and automakers. 3 SoftBank's CEO Masayoshi Son speaking during a White House event as President Trump looks on. KEN CEDENO/POOL/EPA-EFE/Shutterstock Son is seeking out TSMC invest $165 billion in the US and has opened its first Arizona factory – as a partner, according to the report. It's unclear what role Son sees for the Taiwanese chip giant, which makes Nvidia's most advanced chips, and if the company would even be interested in the project. TSMC declined to comment. Codenamed 'Project Crystal Land,' the complex is a clear attempt not only to advance artificial intelligence but to ensure a lasting legacy for Son, who has often talked down his past accomplishments and abandoned projects midway, sources told Bloomberg. The ambitious, one-of-a-kind facility would require support from the Trump administration. SoftBank officials have spoken with federal and state officials, including Commerce Secretary Howard Lutnick, to discuss possible tax breaks for firms building factories or investing in the complex, sources told Bloomberg. Son is also speaking with major tech companies as possible investors, like South Korea's Samsung. SoftBank, Samsung and the White House did not immediately respond to The Post's requests for comment. 3 Masayoshi Son is reportedly seeking out TSMC as a partner in the Arizona project. REUTERS Son's company has invested heavily in ChatGPT maker OpenAI, recently leading a $40 billion funding round for the Sam Altman-led firm as the two seek to raise hundreds of billions of dollars to fund large data centers in the US. These data centers are crucial to the artificial intelligence industry, which requires vast amounts of power and large storage capabilities. SoftBank's campaigning process for the Arizona complex could signal that its money-raising efforts alongside OpenAI are proceeding at a slower pace than they had anticipated, according to the report. Son has created a list of companies that might take part in the Arizona manufacturing hub, like automation company Agile Robots SE, sources said. 3 President Trump has said he wants to bring manufacturing opportunities back to the US. AP Meanwhile, SoftBank is exploring project financing options for Stargate, its $500 billion initiative to build data centers in the US with OpenAI and Oracle. This financing method could allow SoftBank to raise funding on a project-by-project basis, which is easier than gathering a large sum of money upfront. The same process could potentially be used for Project Crystal Land, according to the Bloomberg report. These plans are still preliminary and could change, sources told the news outlet.
Bloomberg
2 hours ago
- Bloomberg
Oklo CEO on What's Driven the Stock Up +500% in a Year
Jacob DeWitte, Oklo CEO & Co-Founder speaks with Romaine Bostick and Scarlet Fu about the success of Oklo this past year and what the future holds. (Source: Bloomberg)
