Dangote Refinery Raises $2.5bn for Expansion to 1.4m Barrels Per Day

The Africa Finance Corporation has led a $2.5 billion private placement in Dangote Petroleum Refinery and Petrochemicals FZE. It is the refinery’s first equity raise involving external investors beyond its legacy owners. The transaction was reportedly 3.7 times oversubscribed, attracting African and international institutional investors, sovereign-linked funds and development finance institutions. The deal values the Lagos refinery complex at about $40 billion ahead of a planned initial public offering. Dangote Group says the funding will support plans to expand the refinery’s capacity from 650,000 to 1.4 million barrels per day by 2028. If achieved, it would become the world’s largest single-train refinery.

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