Dangote to begin construction of $17 billion Kenya refinery by end of September
Dangote Group will begin work on its proposed $17 billion oil refinery in Kenya by the end of September, with the facility expected to be completed within three years. The post Dangote to begin construction of $17 billion Kenya refinery by end of September appeared first on Nairametrics .
Aliko Dangote, Africa's richest man, announced on Monday that construction of a $17 billion oil refinery in Kenya will commence by the end of September. The facility, located in Lamu on Kenya's coast, is expected to take three years to complete and expand Dangote's refining operations in East Africa. Dangote disclosed this during the IPO opening of Dangote Petroleum Refinery and Petrochemicals FZE in Lagos, Nigeria.
The IPO is expected to raise $1.6 billion and value the company at nearly $50 billion. The proposed refinery will be Dangote Group's first in East Africa, replicating the design of the Dangote Refinery in Lagos, Nigeria, which is currently the largest single-train refinery in Africa. Kenyan President William Ruto's economic adviser, David Ndii, revealed that Kenya would take a 10% stake in the project, with Ethiopia and Rwanda also expressing interest.
The IPO has sparked a digital race among Nigerian stockbrokers, banks, and fintech companies, with up to 10 million investors potentially participating in the share sale.
Written by urgent.news from Nairametrics's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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