Dangote Group plans to finance its proposed 700,000 barrel per day oil refinery in Kenya through internally generated cash, bond issuances and a planned initial public offering, as the company pushes ahead with its ambition to expand refining capacity across Africa, according to Reuters.
Read also: Dangote Cement slump erases N4.23trn from Aliko’s net worth
The planned refinery, expected to be the largest in East Africa, would be built on Lamu Island off Kenya’s coast and is projected to take up to three years to complete. Once operational, it would supply refined petroleum products to Kenya and neighbouring countries, reducing the region’s dependence on imported fuel.
Edwin Devakumar, vice president for oil and gas at Dangote Industries, said work on the project has already begun.
“The site has been selected, soil tests are under way, and design and engineering work has commenced. Kenya was the choice from the beginning,” Devakumar told Reuters.
