Kagame Says Rwanda Wants a Stake in Dangote’s Lamu Refinery
Rwanda is weighing a stake in the US$16 billion refinery Aliko Dangote plans at Lamu, President Paul Kagame said, though he cautioned that talks are early. The post Kagame Says Rwanda Wants a Stake in Dangote’s Lamu Refinery appeared first on The Rio Times .
Rwanda's President Paul Kagame has confirmed that his country is interested in participating in Aliko Dangote's planned refinery in Kenya, located at Lamu on the northern coast. During a press conference in Kigali on Monday, 24 August, Kagame stated that his government would be "very happy" to be a part of such an investment, though he clarified that talks were still at an early stage and no commitments had been made.
According to a report by Bloomberg, Kenyan presidential adviser David Ndii informed that Kenya, Ethiopia and Rwanda were offered a combined 30% stake in the project. This stake would include Kenya's own 10% share, which would cost approximately US$500 million, and the full regional package amounting to around US$1.5 billion.
The refinery, with a planned daily capacity of 700,000 barrels of crude oil, would be built at Lamu, making it slightly larger than Dangote's existing 650,000 barrel-a-day refinery in Lagos, Nigeria. The total cost of the refinery itself is estimated at about US$16 billion, with an additional US$20 billion potential investment if petrochemical plants and port works are included.
While the Dangote Group presented the idea of a combined 30% stake in the project to Kenya, Ethiopia and Rwanda, the project is still in the early stages of development, with construction expected to commence by October, and completion in under four years, contingent upon regulatory approvals. However, the specific supply of crude oil to the refinery remains an open question, as no supply contracts have been announced yet.
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