Dangote offers East African countries a 30% stake in new refinery
The prospective 700,000 barrels-a-day oil site will cost the Dangote Group more than $15 billion to build.
Dangote Group, Nigeria's largest industrial conglomerate, has proposed a 30% stake in a new oil refinery to East African nations, including Ethiopia and Rwanda, according to Bloomberg. The proposed refinery, set to be constructed in northern Kenya's Lamu, is expected to have a capacity of 700,000 barrels per day and will require an investment of over $15 billion from Dangote Group.
The company plans to raise funds for the project through an initial public offering of its Lagos plant and potential stake sales to interested East African governments, with up to $1.5 billion possibly raised through this method. The project is a part of Dangote's larger strategy to expand his business empire, with the aim of reaching $100 billion in annual revenues by 2030, a significant increase from the current $20 billion.
Brief written by urgent.news from Semafor's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
