Africa's richest man, Aliko Dangote, has unveiled how he plans to finance his proposed refinery in Kenya, offering fresh details about one of the continent's most ambitious energy projects.
The planned 700,000-barrel-per-day (bpd) facility is expected to become East Africa's largest refinery and, once completed, could rank as Africa's second-largest refinery by nameplate capacity, reinforcing Dangote's drive to expand fuel-processing capacity beyond Nigeria.
The latest update comes as Bloomberg reported that the refinery will cost as much as $17 billion, making it one of the biggest private industrial investments ever proposed in East Africa.
The report added that Dangote personally pledged to the presidents of Kenya and Uganda that he would build a replica of his flagship Lagos refinery along Kenya's coast.
Financing to come from cash flow, bonds and IPO
