Latest data has revealed that Nigeria, Africa’s biggest oil producer and exporter, has resumed importation of petrol from China, the world’s top crude oil importer.
According to S&P Global Platts, data from General Administration of Customs revealed that the Asian country shipped 37,000 metric tonnes of petrol to Nigeria in September for the first time since July 2019.
China, a major exporter of transportation fuels, has extended exports to Africa in recent years with Togo being the first African country to receive Chinese petrol in April 2018 at 50,000 mt, followed by Nigeria in January 2019 at 51,000 mt, historical GAC data showed.
The most recent diesel exports from China to Africa were in June, with Kenya and South Africa receiving 40,000 mt and 35,000 mt, respectively, according to the data.
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China’s annual crude oil imports increased by 0.9 million barrels per day in 2019 to an average of 10.1 million bpd, according to the United States Energy Information Administration.
The EIA said China’s new refinery capacity and strategic inventory stockpiling, combined with flat domestic oil production, were the major factors contributing to the increase in its crude oil imports in 2019.
Last year, China’s refinery capacity increased by 1.0 million bpd, primarily because two new refining and petrochemical complexes came online with capacities of 0.4 million bpd each.
As a result, the country’s refinery processing also increased to an all-time high in 2019, averaging 13.0million bpd for the year, according to the EIA.
