Dangote confirms ADNOC, govts, other investors interested in refinery stakes

Dangote Group CEO Aliko Dangote has confirmed that Abu Dhabi National Oil Company (ADNOC) and other strategic investors are interested in investing in the Dangote Petroleum Refinery. However, he declined to disclose specific details due to non-disclosure agreements. Dangote spoke about the refinery's planned share offering in Lagos, emphasizing that the financial projections were based on normal market conditions and not influenced by the current Middle East crisis or other temporary market conditions.

He stated that the company had agreements with several parties, including ADNOC, and that there was significant interest from other investors and governments. Dangote expressed surprise at the level of investment interest in the refinery, citing record demand during an earlier share offering to private investors, where 3.7 times the demand was met.

He also mentioned that the refinery targets the world's largest by 2028 and that drivers, cooks, and traders could own refinery shares.