Nigeria’s Duke Oil to Move to Dubai

Nigeria’s Duke Oil to Move to Dubai

Duke Oil, a subsidiary of Nigerian National Petroleum Corporation (NNPC), is reportedly shutting down operations in the UK and leaving London to set up a new office in Dubai, Reuters reported.

Proximity to other Asian countries, that became major markets for Nigerian crude, is seen as the biggest motive behind the decision by the NNPC trading arm, especially since India is currently the biggest importer of Nigeria’s oil.

Meanwhile, Nigeria is increasingly buying petroleum products and fuels, such as gasoline and diesel, from Asian refineries.

According to Bloomberg, Nigeria will continue the policy of swapping crude oil for fuels for another three years, as it refineries are still not fully operational.


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