Speak to a specialist

Register and we will customize a solution that meets your exact needs. When you speak to one of our experts, you may be qualified to sample our industry-leading products on a no-cost basis.

You can unsubscribe from these updates at any time. We manage your personal data in accordance with our privacy policy.
Generic Hero BannerGeneric Hero Banner
Latest market news

Dangote raises $2.5bn for Lekki refinery expansion

  • Market: Crude oil, Oil products
  • 23/07/26

Nigerian conglomerate Dangote has raised $2.5bn in new equity through a private placement to help fund the expansion of its 700,000 b/d Lekki refinery and petrochemical complex.

The capital raised secures funding "to complement our internal cash flows and external funding, as DPRP [Dangote Petroleum Refinery and Petrochemicals] advances its expansion agenda", company head Aliko Dangote said.

Dangote aims to add a new 750,000 b/d crude distillation unit (CDU) and additional secondary units at Lekki by December 2028, Dangote Industries vice-president Devakumar Edwin previously told Argus.

Dangote named Nigeria-based Africa Finance Corporation and India Infra Buildco, an investment vehicle facilitated by African Export-Import Bank, as investors in the funding round.

Capital was raised "beyond its legacy shareholder base", Dangote said. It was not clear what stakes investors secured in exchange for the capital raised.

Dangote did not immediately respond to a request for further comment. The company holds an 80pc stake in the refinery, while Nigeria's state-owned oil firm NNPC holds 7.2pc. NNPC previously expressed interest in securing a 20pc stake in the refinery in 2021.

Dangote has previously said it plans to list on the Nigerian stock exchange through the sale of a 10pc stake.

By George Maher-Bonnett

Sharelinkedin-sharetwitter-sharefacebook-shareemail-share

Related news posts

Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

News
23/07/26

CFTC extends review of 24/7 oil futures trading

CFTC extends review of 24/7 oil futures trading

Washington, 23 July (Argus) — The US Commodity Futures Trading Commission (CFTC) is taking an extra 30 days to gather input on continuous trading of oil futures, adding another obstacle to CME Group's proposal to launch a 24/7 WTI crude futures contract as early as next month. The CFTC said on Thursday that after having "extensive conversations with industry" on the prospects of around-the-clock, every day trading of energy futures, it had decided to offer more time for comment on the idea . That will delay the comment deadline until 26 August, days before CME's planned 30 August launch of a smaller WTI crude futures contract that would be available 24/7. CME did not immediately respond to a request for comment. The CFTC already intervened earlier this month to block CME from self-certifying the new futures contract, which the agency said would offer more time for a "thorough review". If listed, the new WTI contract — which would be equivalent to 10 bl of crude — would become the first 24/7 energy futures contract available in the US, giving traders the ability to buy and sell futures at night and over the weekends. Oil companies and their lobbyists have raised multiple concerns to CFTC over 24/7 oil trading, fearing the launch of the contract would create new headaches across the industry. Among their concerns is having to staff trading desks around the clock, higher volatility and a detachment from market fundamentals. Earlier this week, the refinery group the American Fuels and Petrochemicals Manufacturers asked the agency to extend the comment deadline until 26 August. The CFTC, as part of the comment extension, raised multiple new questions about 24/7 oil futures trading, including if continuous trading could create incentives for traders to "engage in trading over the weekend in a manner that moves prices" to affect underlying benchmark prices. The CFTC also asked for specific comments on CME's new contract, and for input on what "concrete steps" industry would have to take before they could support 24/7 trading. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Find out more
News

VLCCs head south in Red Sea despite Houthi warning

23/07/26
News
23/07/26

VLCCs head south in Red Sea despite Houthi warning

London, 23 July (Argus) — Two Chinese-owned VLCCs carrying Saudi crude from Yanbu have sailed south through the Red Sea and are transiting the Bab el-Mandeb strait, AIS data show, despite a Houthi ban on Saudi Arabian maritime activity. Other ships have altered course, paused voyages or stopped transmitting AIS signals since the warning. The Cosco-owned Cosnew Lake and Xin Long Yang loaded Arab crude at Saudi Arabia's Yanbu port and are transiting Bab el-Mandeb, the strait at the Red Sea's southern exit, Kpler data show. The Houthis claim to have turned several vessels away from the Red Sea and to have struck two crude tankers on 22 July . Several vessels that had loaded or planned to load at Saudi Red Sea ports have turned back, halted or stopped transmitting AIS signals since the Houthi announcement. The VLCC Sophia loaded Arab crude at the Saudi port of Muajjiz on 17 July before sailing south through the Red Sea. But the ship last broadcast an AIS signal on 21 July before reaching the Bab el-Mandeb strait. The VLCC New Explorer loaded an Arab cargo at Yanbu on 20 July, the day the Houthis imposed their ban, and has remained in the Red Sea since 21 July. The Rodos , an Aframax vessel, loaded at Yanbu and had been expected to transit the Bab el-Mandeb strait, but changed course and signalled transit via the Suez Canal. The vessel has not transmitted an AIS signal for more than a day. Charterers of cargoes already loaded at Yanbu and heading to Asia will be keen for vessels to continue south through the Bab el-Mandeb strait. Turning back and rerouting north through the Suez Canal, the Mediterranean, the Atlantic and around the Cape of Good Hope would add substantial time and freight costs, eroding refining margins on delivery to Asia. For cargoes already loaded, reselling into the Mediterranean may also be difficult, despite strong refining margins, because Saudi crude is typically sold under term contracts and Asian-bound cargoes are priced against state-controlled Saudi Aramco's Asian official selling prices rather than European benchmarks. The Yanbu-origin VLCC rate surged this week amid increased security risks for vessels transiting the Bab el-Mandeb strait. Some market participants said most shipowners were unwilling to risk the transit and were avoiding the area. Rising insurance premiums have also pushed up rates, as they are priced into spot market deals. Additional war risk premiums for vessels transiting the Red Sea and the strait of Hormuz rose sharply on 23 July as insurers reassessed risk exposure following renewed escalation in regional tensions. By Rhys van Dinther and Leonard Fisher-Matthews Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

Houthis claim strikes on 2 vessels in Red Sea

22/07/26
News
22/07/26

Houthis claim strikes on 2 vessels in Red Sea

New York, 22 July (Argus) — Yemen's Houthis claim to have struck two crude tankers in the Red Sea late Wednesday, in an apparent enforcement of the group's proclaimed ban on Saudi Arabian maritime navigation. In a social media post the Houthis claimed to have attacked two tankers carrying Saudi Arabian crude, the Encelia and the Layla . "The Yemeni Armed Forces carried out a qualitative military operation targeting two Saudi oil tankers that violated the blockade imposed by the Armed Forces in the Red Sea," according to a Telegram post at 21:32 GMT Wednesday. The UK Trade Maritime Organisation (UKTMO) reported at 21:00 GMT that a single tanker was struck by an unknown projectile that caused a fire onboard. No casualties or environmental impact were reported at the time. The Houthis announced a ban on Saudi Arabian "maritime navigation" on 20 July, which came into effect immediately . Saudi Arabia has funneled much of its energy exports through the Red Sea port of Yanbu since late-March while its key port of Ras Tanura, in the Mideast Gulf, has been choked by Iran's intermittent effective closure of the strait of Hormuz. In a 22 July message, the EU Naval Force's Operation Aspides, a military operation in response to Houthi threats to shipping in the Red Sea, recommended merchant vessels linked to Israel, the US or Saudi Arabian interests avoid transiting the Red Sea and Gulf of Aden until the threat level decreases. Yemen's Houthis last attacked a vessel in the Red Sea on 29 September, when they fired on the Dutch-flagged cargo ship Minervagracht . September Ice Brent crude futures closed up by $3.06/bl Wednesday to $94.07/bl, but continued to rise in after-hours trading. By Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

US-assisted Hormuz transits drop to zero

22/07/26
News
22/07/26

US-assisted Hormuz transits drop to zero

New York, 22 July (Argus) — Vessel traffic through the strait of Hormuz on the US-assisted southern transit route stopped completely in the past day following increased Iranian attacks on vessels at the start of the week. Out of the 10 vessels that transited the strait of Hormuz on 21 July, eight vessels took the Iran-favored northern transit route, while two vessels transited through the center transit lane where most traffic passed before the war, data from vessel tracking service Windward shows. Vessel traffic through the center transit lane has been uncommon since the breakout of the war because of suspected Iranian-placed mines throughout the area. Commercial traffic through the strait of Hormuz since the outbreak of the war on 28 February has been bifurcated between the northern route, which runs along the Iranian coastline, and the southern route along the Omani coast. Transits through the US supported southern traffic lane has been steadily falling following the reprisal of attacks between the US and Iran and slowing traffic through the strait. On 20 July only two vessels out of 15 that transited the strait used the southern transit lanes, according to Tradewind data. This is down sharply from 24 June, the day when vessel transits through the strait of Hormuz reached their highest since the signing of the US-Iran memorandum of understanding that temporarily stopped the fighting, with 25 out of the 41 outbound vessels transiting the strait doing so on the southern lane. The UK Trade Maritime Organization (UKTMO) reported three attacks on tankers transiting through the strait of Hormuz between 20 and 21 July, all occurring in the southern transit lane. Centcom did not respond to a request for comment on whether the US was still offering assistance for commercial vessels looking to transit via the southern lane. Iran amps up Hormuz rhetoric, operations Iranian politicians on Wednesday reaffirmed their commitment to controlling the strait of Hormuz, likely in response to President Donald Trump's vow to bomb Iranian power plants and bridges every time Iran strikes commercial ships in Hormuz. The Iranian Revolutionary Guard Corps (IRGC-N) reiterated its position that it controls the strait of Hormuz via a social media post on X today. "The input and output of the strait of Hormuz are specified and under our definitive control," the IRGC-N said. "Alternative routes are unsafe and dangerous; we warn against their use, as it will have severe and irreparable consequences." "We have repeatedly said that the situation of the strait will not return to pre-war conditions," said Iranian parliamentary speaker Mohammad Bagher Ghalibaf, who headed previous negotiations with the US, in a 22 July post on X. Iranian actions to control traffic in the strait are also evolving. Satellite imagery shows the tanker Kavomaleas , part of Greek shipowner Dynacom's fleet, has been seized by Iran and brought to Iranian waters near Larak. The vessel was attacked by Iranian forces on 20 July , with the crew confirmed safe, according to UKTMO. This is the first reported instance of a vessel attacked by Iran in the strait of Hormuz getting escorted into Iranian waters. "A large IRGC fast in-shore attack craft presence plus one small craft positioned directly alongside the tanker is assessed consistent with an escorted move toward Iranian waters rather than an uncontrolled drift," Windward said. By Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

European naphtha pricing in Red Sea disruption risk

22/07/26
News
22/07/26

European naphtha pricing in Red Sea disruption risk

London, 22 July (Argus) — European naphtha market participants are increasingly pricing in the risk of disruptions in the Bab el-Mandeb strait, although market participants said the Yemen-based Houthi militant group's threat to Saudi shipping is yet to result in meaningful changes to physical cargo flows. The east-west naphtha swap spread was $72.75/t on 21 July, wider by $18/t on the day and by $30/t on the week, with heightened concern about supply to destinations east of Suez. The possibility of Red Sea disruption comes as Russian naphtha exports are in decline and Chinese buying interest shows signs of improvement. Naphtha exports through Bab el-Mandeb averaged around 388,000t/month in the past two months, roughly double the 2025 monthly average. A trader active in west-to-east naphtha arbitrage trade told Argus that at least one cargo was recently fixed from Europe to Asia via the Suez Canal, providing an early test of shipowners' willingness to continue using the route. The trader said some owners have suspended Red Sea transits, and others are waiting to see how the Houthis will enforce any restrictions. The group has said it will only target vessels carrying Saudi cargo, or that have left or are heading to Saudi ports. The uncertainty has started to affect trading behaviour. A European naphtha broker said liquidity is weakening, with market participants becoming cautious about committing supply until the implications for Asian buying requirements become clearer. "Traders will buy and sell less volume as the market becomes more volatile," the broker said. "There will be less liquidity in the market overall." An Asia-based light-ends analyst said balances "are gradually tightening", with supply risks outweighing concerns about demand. Cargoes can be rerouted around the Cape of Good Hope if the Red Sea situation worsens. But doing so would substantially increase freight costs and voyage times, raising the cost of supplying Asia-Pacific buyers. Argus estimates sending a Long Range 2 (LR2) tanker from the Mediterranean to Japan around south Africa would add around 19 days to the journey and nearly $600,000 to the fuel bill at current prices. Market participants said the naphtha east-west spread may need to widen significantly further before long-haul Cape routing becomes routinely economic. The light-ends analyst estimated the spread may need to approach $80/t, depending on freight costs. Russian exports are likely to fall because of refinery disruptions, while restrictions on gasoline exports could divert additional naphtha into domestic blending, limiting global availability. By Jide Tijani and John Ollett Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Related Products

Argus Brazil Motor Fuels Forward Curves

Argus Brazil Motor Fuels Forward Curves

A daily forward curves service providing 24-month price visibility across Brazil’s biofuels, gasoline, diesel and feedstock markets to support hedging, procurement and strategic planning.

Find out more

Argus Crude Outlook

Argus Crude Outlook

Monthly price forecasts for key crude grades and regional benchmarks up to 36 months out
Find out more

Argus Americas Asphalt

Get a dynamic perspective on North and Latin American markets with spot prices, news and market intelligence.
Find out more

Argus Refined Products Outlook

A comprehensive, 24‑month price forecast for refined oil product markets, delivered in a single, integrated solution.
Find out more

Argus Specialised Freight

Data, insights and unique tools to help manage freight risk in biofuels, renewable feedstocks and chemicals markets
Find out more
Generic Hero Banner

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more