UAE – Mubasher: Duke, the trading unit of Nigeria’s state oil firm, decided to leave its London office and move to Dubai, four oil industry sources told Reuters.
This step will make Duke closer to the Asian market that rapidly becomes the main buyer of the West African country’s crude.
Duke is one of the companies that exchange Nigerian oil for fuels, particularly gasoline, to supply local consumers, Reuters reported.
Once the company set up in Dubai, traders will be able to travel more easily between the new office, Nigeria, Europe, and Asia.
It is worth noting that India has become the largest buyer of Nigeria’s crude, and Asian refineries that have started operation over the past years are also increasingly selling refined oil products such as gasoline and diesel to Nigerian buyers.
