Dangote Breaks Ground on $2.5 Billion Namibia Fuel Hub for Southern Africa
Aliko Dangote, Africa’s richest person whose Dangote Group operates the biggest refinery on the continent, on Wednesday broke ground for a planned fuel storage site in Namibia, which will serve as a fuel distribution hub in southern Africa. “We want to heavily invest so that most of the landlocked countries will be able to access petroleum products at a cheaper price,” Dangote said at a…
Aliko Dangote, Africa’s wealthiest individual and head of the Dangote Group, broke ground on Wednesday for a massive fuel distribution hub in Namibia, aimed at serving southern Africa. The ambitious $2.5 billion project comprises a fuel depot outside Walvis Bay’s main port and a 1,700-kilometer pipeline to reach Botswana, South Africa, and potentially other nations.
Dangote emphasized the project’s goal to enhance accessibility to petroleum products in landlocked countries at reduced costs. The initiative promises to bolster Namibia’s energy security and spur regional trade and industrial growth across southern Africa. The Nigerian billionaire’s plans extend beyond Namibia; he recently announced a $660 million fuel pipeline connecting Ethiopia and Djibouti, projected to alleviate supply concerns following the Iran war and Middle East disruptions.
Dangote’s expansion strategy includes a $14 billion plan to double his Nigerian refinery’s capacity to 1.4 million barrels per day by 2029, alongside a forthcoming refinery in Kenya to cater to eastern Africa’s market needs. The Dangote Petroleum Refinery’s recent IPO, which attracted investors from 120 countries, including all African nations, secured funding that will further fuel Dangote’s ambitious vision for Africa’s energy landscape.
Written by urgent.news from OilPrice's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
