Dangote offers East Africa nations 30% stake in new refinery
The planned facility is expected to replicate the scale of the Nigerian billionaire’s flagship refinery and draw billions of dollars in regional investment.
Aliko Dangote has proposed offering East African countries a combined 30% equity stake in a $17 billion refinery project planned for Kenya, according to Kenyan President William Ruto's economic adviser, David Ndii. The proposed refinery would be located in Lamu, a coastal town in southeastern Kenya, and could potentially provide regional investors with access to about $1.5 billion worth of the project.
Kenya's proposed 10% stake would be valued at approximately $500 million, while Ethiopia and Rwanda have also expressed interest in taking stakes in the refinery. The combined regional participation could amount to about $1.5 billion, giving East African countries a direct equity interest in a major energy infrastructure project.
The refinery project, originally planned for Tanzania, would cost around $17 billion and take about five years to complete.
Written by urgent.news from Nairametrics's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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