Dangote Sides with Kenya on Raw Materials

Nigerian billionaire Aliko Dangote is aiming to build a massive oil refinery in the Lamu region along the Kenyan coast, with an estimated cost of between $15 billion and $16 billion. The goal is to meet the oil product needs of Kenya and East African countries and reduce reliance on imports. The project faces main challenges, including securing a stable supply of crude oil, as it will depend on imports due to Kenya's limited domestic production, and financing, which the investor plans to largely fund through internal cash flows, bonds, and a public offering, with possible participation from East African governments holding up to 30% stake. The refinery is planned to operate at a capacity of up to 700,000 barrels per day by 2030, representing a test of Dangote's success in building a refining model outside Nigeria. Its efficiency will depend on securing and financing crude supply and connecting it to transportation infrastructure and regional markets.

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