Nigeria: Dangote to Finance 700,000bpd Kenya Refinery With IPO, Bonds
The project would be East Africa’s largest refinery and is expected to cut fuel imports and create thousands of jobs, Dangote Industries said.
- On Tuesday, Africa's richest man, Aliko Dangote, confirmed his planned 700,000-barrel-per-day oil refinery will be built on Lamu Island, Kenya, ending speculation over the mega-project's location.
- Edwin Devakumar, Vice President of Oil and Gas at Dangote Industries Limited, stated the company selected Kenya after evaluating infrastructure, logistics, and market opportunities over Tanzania.
- Devakumar told Reuters, "The site has been selected, soil tests are under way, and design and engineering work has commenced. Kenya was the choice from the beginning." Construction will take around 30 months.
- Once operational, the refinery will supply refined petroleum products to Kenya and neighboring countries, reducing the region's reliance on imported fuels while improving energy security across Africa.
- The company intends to more than double its total capacity to 1.4 million barrels per day by 2028, building on the 650,000-barrel-per-day refinery that commenced operations in Lagos, Nigeria, in 2024.
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Nigeria: Dangote to Finance 700,000bpd Kenya Refinery With IPO, Bonds
Dangote Group, has unveiled plans to finance the construction of a proposed 700,000 barrels-per-day (bpd) oil refinery in Kenya through a combination of internally generated cash, bond issuance and proceeds from a planned Initial Public Offering (IPO), as it deepens its footprint in Africa's downstream oil sector.
Dangote-backed mega oil refinery to be built in Kenya
A 700,000-bpd east African oil refinery proposed by Africa's richest man, Aliko Dangote, will be built in Kenya, a senior company official said Tuesday, putting a lid on speculation over the location of the mega-project.
Dangote to build 700,000bpd refinery in Kenya
A 700,000-bpd east African oil refinery proposed by Africa's richest man, Aliko Dangote, will be built in Kenya, a senior company official said Tuesday, putting a lid on speculation over the location of the mega-project. The post Dangote to build 700,000bpd refinery in Kenya appeared first on Vanguard News.
Dangote Says Kenya Refinery Will Cost as Much as $17 Billion
Dangote officially chooses Kenya over Tanzania for East Africa’s biggest oil refinery
The announcement comes as Dangote continues to expand his footprint in Africa's energy sector following the commissioning of his 650,000-barrel-per-day refinery in Lagos, Nigeria, the largest...
Billionaire Aliko Dangote picks Lamu for $17 billion Kenya refinery
Aliko Dangote has settled on Lamu, an island off Kenya's coast, as the site of a 700,000-barrel-a-day oil refinery that his company says could cost as much as $17 billion (2.2 trillion shillings), ending months of uncertainty over whether the plant would land in Kenya or Tanzania.Devakumar Edwin, vice president for oil and gas at Dangote Industries, said the site has been selected, soil tests are under way and design and engineering work has sta…
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