<\/p>\n
Dangote Group has offered East African countries a 30% equity stake in the giant refinery planned for the region, according to Kenyan President William Ruto\u2019s top economic adviser.<\/p>\n
Kenya\u2019s 10% stake would be worth about $500 million, David Ndii told a capital markets forum in Nairobi late on Thursday, adding that Ethiopia and Rwanda have already shown interest.<\/p>\n
\u201cThe total for the region is about $1.5 billion,\u201d he said. \u201cI don\u2019t actually see a challenge in doing that, and if some of them are not off-taking we will backstop.\u201d<\/p>\n
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Aliko Dangote, Africa\u2019s richest man, plans to build a replica of his 700 000 barrel-a-day Nigerian facility in Kenya. He expects the new facility will cost as much as $16 billion.<\/p>\n
Groundbreaking for the petrochemical complex is expected in September, and the cost for the facility and additional ports infrastructure will be about $20 billion, according to Ndii. The refinery will receive about 600 000 barrels of crude per day from oil fields in Uganda and Kenya, he added.<\/p>\n
Uganda is undecided about investing in the Kenyan refinery as it already has plans for its own facility, Ndii said. In addition to the 60,000-barrel-per-day facility alongside Alpha MBM Investments of the UAE, Uganda has also agreed to invest in an oil hub on the Tanzanian coast, jointly with its neighbour and Vitol Bahrain.<\/p>\n
The Kenyan project will inject about $4 billion of investment annually, according to Ndii. That and several other big-ticket industrial projects already in the pipeline will contribute as much as 10% of gross domestic product, he said.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
#Dangote #offers #East #Africa #nations #stake #refinery<\/p>\n","protected":false},"excerpt":{"rendered":"
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