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Traders Hail Egina As Flagship Of Nigeria’s Crude Oil Grades

Traders Hail Egina As Flagship Of Nigeria’s Crude Oil Grades

Unnamed trading sources have been quoted as marking Nigeria’s newest crude, Egina, as one of the country’s flagship main export crudes in less than two years, as refiners prize its versatility and reliability, Platts has reported.

Since the 200,000 b/d Egina deepwater field came on stream in late December 2018, providing a near 10% boost to Nigerian crude production, the grade has proved very popular among global refiners due to its high distillate yields, and has consistently been among the most expensive crudes in West Africa and the Atlantic Basin, the report said.

Also since Egina became an export product, February 2019, the grade has traveled to 23 countries, according to data intelligence firm Kpler, showing how broad its customer base already is. France, Italy, the Netherlands, India, Singapore and Israel have been among the grade’s main customers.

China has also been a regular buyer, which is a good sign for the grade. China does not take much Nigerian crude but since the start-up of Egina, the world’s largest crude importer has been buying much more, which bodes well for Africa’s largest oil producer, Platts said.

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Source: OrientEnergyReview

Traders Hail Egina As Flagship Of Nigeria’s Crude Oil Grades

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