The Nigerian National Petroleum Company Limited (NNPC) has launched a new chapter in Nigeria’s energy landscape by selling its first cargo of low-sulfur straight-run fuel oil (LSSR) from the Port Harcourt refinery.
The shipment, acquired by Dubai-based Gulf Transport & Trading Limited (GTT), marks the beginning of product exports from the revitalized facility.
Set to be loaded onto the Wonder Star MR1 vessel in the coming days, the cargo weighs 15,000 metric tons—equivalent to 13.6 million liters.
This development not only signals the operational kickoff of the refinery but also positions Nigeria as an emerging player in the global low-sulfur fuel oil market.
While the volume is relatively small, industry analysts predict it could influence benchmarks for Very Low Sulfur Fuel Oil (VLSFO) and shift market dynamics for Atlantic Basin exporters supplying Nigeria and nearby regions.
The cargo boasts a sulfur content of 0.26% per weight and a density of 0.918 g/ml at 15°C. Sold at an $8.50 per ton discount to the NWE 0.5% benchmark on a Free on-board (FOB) basis, the deal underscores Nigeria’s readiness to compete in international markets.
According to data firm Kpler, this milestone could reduce Nigeria’s dependence on imported fuels while curbing imports across West Africa, as local production takes a stronger hold.
NNPC’s foray into product exports from Port Harcourt signals a bold step in Nigeria’s energy transformation, aiming to bolster the nation’s role in global oil trade while driving economic growth at home.
