Dangote secures $2.5 billion for refinery expansion, eyes East African market
via SeneNews2 min read
Dangote Petroleum Refinery and Petrochemicals announced it has secured $2.5 billion from private investors to fund its expansion projects, including extending refining operations into East Africa. This investment allows private investors to acquire a stake in the 650,000 barrels per day refinery, which began operations two years ago and is currently the largest on the continent. Previously, only the Nigerian government-controlled oil company NNPCL held a stake, approximately 7.2%. Dangote stated this is considered the largest private investment made public in Africa. This private placement is seen as a preliminary step before the refinery's public listing, expected to allow the general public to invest later this year. Aliko Dangote, the company's founder, stated the funds will supplement internal cash flows and external financing as the company pursues its expansion program. The group plans to more than double its production capacity to 1.4 million barrels per day by 2028, which would make it the largest refinery globally, surpassing India's Jamnagar refinery. Dangote also intends to build a 700,000 barrels per day oil refinery in Lamu, on the Kenyan coast in East Africa. Africa currently imports over 70% of its refined fuels. Dangote aims to reduce Africa's reliance on imported refined products and enhance the continent's energy security.
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This summary was AI-generated from a story originally published by SeneNews.
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