Dangote Offers East African Nations 30% Stake in Planned $16bn Refinery
Emmanuel Addeh in Abuja The Dangote Group has offered East African countries a combined 30 per cent equity stake in its planned refinery in Kenya, with Kenya, Ethiopia and Rwanda expressing
The Dangote Group has proposed a 30% equity stake in a $16 billion refinery project in Kenya to East African nations, with Kenya, Ethiopia, and Rwanda expressing interest. Kenyan President William Ruto's Economic Adviser, David Ndii, disclosed the offer at a capital markets forum in Nairobi, stating that Kenya could take a 10% stake valued at about $500 million.
The combined investment by the three countries could reach approximately $1.5 billion, with the refinery expected to cost up to $16 billion and the petrochemical complex and port infrastructure about $20 billion. The project is expected to inject around $4 billion into the Kenyan economy annually and deepen regional integration in the East African petroleum market.
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