Dangote Refinery to become world’s largest by 2028

Aliko Dangote, President of the Dangote Group, announced that the Dangote Petroleum Refinery and Petrochemicals will become the world's largest refinery by 2028. The 700,000-barrel-per-day facility is already Africa's largest and the world's largest single-train refinery. Dangote highlighted the project's challenges, which began over a decade ago with backing from banks, even before they had seen the refinery site or a license for the facility.

He emphasized the importance of energy security for Africa's industrialization and described the group's focus on expanding its presence in countries such as Ethiopia, Kenya, Tanzania, and Namibia. Regarding the proposed IPO, Dangote affirmed that shares would be available to all investors without discrimination. Dangote Refinery CEO David Bird stressed the facility's role in supplying Nigeria and West African markets, as well as its international reach, particularly in providing jet fuel to Europe.

Bird noted the refinery's role in mitigating supply disruptions caused by conflicts in the Middle East and Ukraine. The 700,000-barrel-per-day facility is currently Africa's largest and one of the world's five or six largest refineries. The planned expansion is fully sponsored, engineered, and procured, leaving construction as the primary remaining task.