Dangote Taps IPO and Bonds to Build 700,000bpd Refinery in Kenya
Dangote Group plans to build a 700,000 barrels-per-day refinery on Lamu Island in Kenya. Funding will come from internal revenues, bond issuances, and a planned IPO. Reuters reports that preliminary site work, soil testing, and engineering designs are already under way. The new plant aims to boost energy security in East Africa by cutting reliance on imported refined products. It follows the company’s 650,000bpd refinery in Lagos, which cost over $20 billion before starting operations in 2024. Delays in the Lagos project, currency depreciation, COVID-19 disruptions, and rising global inflation drove up costs. This Kenya refinery will be Dangote’s largest refining investment outside Nigeria, reflecting its ambition to supply fuel across the continent.
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