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APPEC-Nigeria markets Nembe crude to Asia as output expected to grow
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APPEC-Nigeria markets Nembe crude to Asia as output expected to grow
Sep 10, 2024 12:20 PM

SINGAPORE, Sept 10 (Reuters) - Nigerian oil producers

are marketing their latest new crude oil grade Nembe to Asian

refiners as it expects production to triple in the short to

medium term, company executives said on Tuesday.

Production of Nembe crude oil is expected to grow to

120,000 to 150,000 barrels per day in the short to medium term

from 50,000 bpd currently, Victor Okoronkwo, group managing

director at Aiteo E&P, told the APPEC conference.

He did not provide a timeframe for the expansion.

The new grade has been placed in several European refineries

with interest from Exxon and Spanish refineries, Maryamu Idris,

executive director, planning and commercial at NNPC Trading,

said at the event.

"The next step is for Asia to get a taste of this grade,"

she said.

Idris added that Nembe crude is also expected to be

processed at the new Dangote refinery in Nigeria, Africa's

largest refining complex.

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