Industrial oil refinery with complex piping and processing units at Dangote Refinery, Nigeria.
Dangote Group plans to finance its proposed 700,000-barrel-per-day refinery project in Kenya through internally generated funds, bonds, and a future initial public offering as it expands its refining footprint across Africa. The facility, to be built in Lamu, is expected to become East Africa’s largest refinery once completed. It is designed to reduce the region’s dependence on imported petroleum products while supplying neighboring markets. Company executives said site selection has been completed, engineering work has begun, and construction is expected to take about three years. Aliko Dangote has also revealed that the facility is estimated to cost $17 billion. The project underscores Dangote’s broader strategy to strengthen Africa’s energy security by expanding domestic fuel-processing capacity beyond Nigeria.
CNBC Africa