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Nigeria’s repaired crude pipeline set to boost West African exports

LONDON, Oct 17  – Nigerian crude exports looked set for a boost on Tuesday after repairs to a key pipeline were completed, while traders in the Angolan market were focused on term allocations for December cargoes.

NIGERIA

* Repairs to Nigeria’s Nembe Creek Trunk Line, which exports Bonny Light, are complete, operator Aiteo said on Tuesday.

* Force majeure remained in place, Shell said on Tuesday, but a source said it could be lifted as early as Wednesday. A loading programme has yet to be issued, a trader said.

* Offers of Nigerian crude were moving lower. Statoil was offering Usan on a delivered basis at dated plus $1.60, down 5 cents from a similar offer on Monday.

* Forcados was offered at dated plus $1.90, while a trader put the value 40 to 50 cents below that.

* Forcados shipments appear to be delayed. One trader said there were delays of 4-5 days.

ANGOLA

* State oil company Sonangol has yet to show spot offers for December because it is still busy with term allocations.

* Exports are set to rise in December to 49 cargoes from a 13-month low of 47 cargoes in November, a preliminary programme showed on Monday. The total could end up closer to 51, one trader said.

* There are up to 10 November cargoes left.

TENDERS

* Uruguay’s Ancap is running a tender that could take West African crude, a trader said, and Taiwan’s CPC was expected to issue a buying tender this week that could also absorb West African barrels. (Reporting by Alex Lawler; Editing by David Goodman

Naija247news, Nigeriahttps://www.naija247news.com/
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.
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