Aliko Dangote is offering East African countries a 30% equity stake in a planned refinery in Kenya, as Africa’s richest man seeks regional partners for a project that could reshape the continent’s fuel supply landscape.
Kenya could take a 10% stake worth about $500 million, according to David Ndii, economic adviser to Kenyan President William Ruto. Ethiopia and Rwanda have also expressed interest in participating in the project, according to Bloomberg.
“The total for the region is about $1.5 billion,” Ndii said at a capital markets forum in Nairobi.
The refinery is planned for Lamu on Kenya’s northern coast and is expected to have a processing capacity of 700,000 barrels per day, matching the scale of Dangote’s flagship refinery in Nigeria.
The refinery itself could cost up to $16 billion, while the broader petrochemical complex and additional port infrastructure could bring the total investment to around $20 billion, Ndii said.
