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Dangote Group has confirmed plans to build a new $17 billion oil refinery in Kenya, marking its biggest refining investment outside NigeriaThe proposed refinery will be financed through internally generated funds, bond issuances and proceeds from a planned IPO.The refinery, to be located on Lamu Island, is expected to strengthen East Africa’s energy security and reduce reliance on imported refined petroleum products
Legit.ng journalist Dave Ibemere has experience in business journalism, with in-depth knowledge of the Nigerian economy, the stock market, and broader market trends.
Dangote Group has revealed plans to build a mega oil refinery in Kenya, estimated to cost $17 billion, as the Nigerian conglomerate expands refining capacity in Africa.
The project, planned on Kenya’s Lamu Island, will process 700,000 bpd, eventually becoming the largest refinery in East Africa and cutting the region’s dependence on refined fuel imports.
Dangote picks Kenya for new 700,000bpd mega refinery project Photo: BloombergSource: UGC
Dangote confirms
