There have been significant changes to oil trade flows in the past few years.

KPC has adjusted its strategies accordingly with regards to the destination of its refined products, supported by a diversified market portfolio. Initially, we planned to target several demand centres, including Europe. We’ve increased our market share in Europe, becoming the leading supplier of jet fuel. We didn’t export gasoil or diesel to Europe before, but now we’re sending substantial quantities to both the Mediterranean and Northwest Europe. But even before the Russia-Ukraine conflict, we had plans to expand into Europe. This was part of our long-term strategy, and not simply a reaction to the war. The US has emerged as a supplier of crude and LNG to the East and our strategy has been to adapt to these changes while maintaining strong, long-term relationships with our customers in Asia. In Africa, we started building relationships over a decade ago, and we remain committed to those markets. The continent has huge potential, and despite the opening of the Dangote refinery, it will need much more refining capacity to meet growing demand.