Dangote Group has announced plans to finance the construction of a new 700,000 barrels-per-day oil refinery in Kenya using a mix of company funds, bond sales, and money from a planned Initial Public Offering (IPO).
The refinery will be built on Lamu Island along Kenya’s coast and is expected to become the largest refinery in East Africa. The project aims to improve energy security in the region by reducing reliance on imported refined petroleum products.
According to Reuters, the refinery is expected to take about three years to complete. It will supply fuel and other refined petroleum products to Kenya and neighboring countries. The project is also part of Dangote Group’s strategy to expand its refining operations across Africa following the launch of its 650,000 barrels-per-day refinery in Lagos.
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The Vice President of Oil and Gas at Dangote Industries, Edwin Devakumar, said preliminary work on the project has already
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