Aliko Dangote’s refinery unit is seeking to raise as much as $1 billion through a private sale of debt, as Africa’s richest man continues to expand one of the continent’s most ambitious energy projects.
Dangote Petroleum Refinery & Petrochemicals FZE, operator of Africa’s largest crude-processing facility, is targeting foreign investors for the deal, people familiar with the matter told Bloomberg.
The fundraising comes as the refinery strengthens output and attracts rising demand amid global energy market disruptions linked to geopolitical tensions in the Middle East. Buyers across Africa and beyond have increasingly turned to its products as alternative supply routes tighten.
Production capacity improves
The facility, which reached full production shortly before the escalation of conflict involving Iran, has recorded test runs of about 700,000 barrels per day, above its official 650,000 barrels per day capacity. It produces petrol, diesel, and jet fuel for Nigeria while exporting to markets across Africa, Europe, the United States, and Saudi Arabia.
