W.Africa Crude - Freight sill weighing, Dangote extends IPO closing date

By Reuters News

LONDON, Oct 12 (Reuters) - West African crude differentials remained under pressure on Monday from surging freight rates.

  • No new offers for Angolan grades were heard on Monday. Last week, the last offers heard were dated Brent minus $8.65 for Kissanje, minus $9.95 for Dalia and minus $6.05 for Girassol.

  • Angolan differentials are under particular pressure because they rely on Asian demand, and surging freight rates have undermined the economics of long-haul shipments.

  • Nigeria's Dangote oil refinery extended its $1.6 billion initial public offering closing date to October 27 from October 13, to give more time to investors from other African countries to participate, the company said in a statement on Monday.

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