More Nige­rian crude heads to Asia as gas ex­port drops

Daily Trust - - BUSINESS - By Daniel Adugbo

The vol­ume of crude from West Africa des­tined to Asia has in­creased to 1.77mil­lion bar­rels per day (b/d) in July com­pared with a to­tal of 1.69m b/d last month, the low­est since Oc­to­ber 2015, traders and anal­y­sis of load­ing pro­grammes ob­tained from Bloomberg showed.

An­gola and Nige­ria would ac­count for more than 90 per­cent of the 1.77m b/d July in­crease, the sur­vey showed.

An­a­lysts say sus­tained ap­petite for West African crude has been helped by healthy re­fin­ery mar­gins in the Far East.

A break­down of the Bloomberg data showed that 58 car­goes of crude would be shipped to Asia in July from An­gola, Nige­ria, Equa­to­rial Guinea, DR Congo, Repub­lic of Congo, Chad, Ghana, Cameroon and Gabon.

402, 000 b/d of Nige­rian crude was des­tined for Asia, the most vol­ume since April.

In all, 52 con­sign­ments or 1.57m b/d were due for ex­port in July to des­ti­na­tions world­wide.

Mean­while, Liq­ue­fied Nat­u­ral Gas (LNG) ship­ments from Nige­ria to Ja­pan dropped to 73,159 met­ric tons (MT) in May, the low­est since April 2011, data sourced from the Trade Sta­tis­tics of Ja­pan’s min­istry of finance showed.

The low­est LNG ship­ment from Nige­ria to Ja­pan was 63,033 MT in Fe­bru­ary 2011.

Ex­ports ever since have been well over 200,000 MT un­til May this year when it fell.

Nige­ria is a re­gional gas/ LNG pow­er­house and ex­port of LNG has been through the Nige­ria Liq­ue­fied Nat­u­ral Gas Ltd (NLNG).

NLNG car­goes have been de­liv­ered to the Far East, Mid­dle East, South Amer­ica and the UK with most vol­umes de­liv­ered to re­ceiv­ing fa­cil­i­ties in Ja­pan, South Korea, Tai­wan, China and India as on-thes­pot and short-term car­goes.

An LNG tanker

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