Dangote unveils funding plan for $17 billion Kenya…
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Dangote unveils funding plan for $17 billion Kenya refinery set to become Africa’s second largest
* 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.
* 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.
* Dangote Industries plans to finance the refinery through a combination of internally generated cash, bonds and proceeds from the planned initial public offering (IPO) of the Dangote Petroleum Refinery.
* The refinery will be built on Lamu Island, where the site has already been selected, soil testing is underway and design and engineering work have commenced.
* The company had previously considered Tanzania's port city of Tanga before selecting Kenya, citing infrastructure, logistics and market considerations.
* The refinery is expected to take between three and five years to complete, according to Reuters and Bloomberg, and will supply refined petroleum products to Kenya and neighbouring countries, reducing East Africa's reliance on imported fuels.
* The project marks Dangote's biggest refining investment outside Nigeria and builds on the success of the Dangote Refinery in Lagos, which has transformed Nigeria into a growing exporter of refined petroleum products across Africa and globally.
* The investment would also cement Kenya's position as a strategic refining hub for East Africa while expanding Dangote's footprint in Africa's energy infrastructure.
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* 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.
* 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.
* Dangote Industries plans to finance the refinery through a combination of internally generated cash, bonds and proceeds from the planned initial public offering (IPO) of the Dangote Petroleum Refinery.
* The refinery will be built on Lamu Island, where the site has already been selected, soil testing is underway and design and engineering work have commenced.
* The company had previously considered Tanzania's port city of Tanga before selecting Kenya, citing infrastructure, logistics and market considerations.
* The refinery is expected to take between three and five years to complete, according to Reuters and Bloomberg, and will supply refined petroleum products to Kenya and neighbouring countries, reducing East Africa's reliance on imported fuels.
* The project marks Dangote's biggest refining investment outside Nigeria and builds on the success of the Dangote Refinery in Lagos, which has transformed Nigeria into a growing exporter of refined petroleum products across Africa and globally.
* The investment would also cement Kenya's position as a strategic refining hub for East Africa while expanding Dangote's footprint in Africa's energy infrastructure.
#local
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