Dangote Group Announces Major Refinery Project in Kenya

Dangote Group plans to finance a 700,000-barrel-per-day oil refinery in Kenya through internal cash, bonds, and an IPO, aiming to reduce East Africa's reliance on imported fuels. The project, located on Lamu Island, will be the largest of its kind in the region, following Dangote's successful Lagos refinery launch.

The Dangote Group is set to finance a significant 700,000-barrel-per-day oil refinery in Kenya, as revealed by a senior company executive to Reuters. The ambitious project aims to bolster East Africa's capacity in petroleum refining, reducing its dependency on imported fuels.

Edwin Devakumar, Vice President for oil and gas at Dangote Industries, confirmed that the refinery, which will be located on Lamu Island, is projected to be East Africa's largest refining facility once completed. It marks the Dangote Group's most substantial refining investment outside of Nigeria, with financial backing comprising internal cash, bonds, and an initial public offering.

The move to build this refinery follows the successful launch of Dangote's 650,000-barrel-per-day refinery in Lagos, which had cost over $20 billion. This new project represents an extension of Aliko Dangote's vision to expand Africa's fuel processing capabilities across the continent.