Duke Oil relocates to Dubai

The trading arm of the Nigerian National Petroleum Corporation (NNPC), Duke Oil, is leaving London to set up in Dubai to be closer to the Asian market, which is fast becoming the main buyer of Nigeria’s crude oil.

While Nigeria once sold much of its oil to the United States, the shale boom displaced that, and the US crude is now competing with Nigeria for buyers in Europe and Asia.

Reports on Duke Oil relocating broke just as oil prices rose more than four per cent yesterday, boosted by a wider market pickup on positive news from China’s services sector, after three days of losses due to fears about a weakening global economy.

Source / More : This Day

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