22 Hrs
Source:
المشهد العربي
Africa's largest oil refinery plan
Nigerian billionaire Aliko Dangote has announced the launch of Africa's largest oil refinery's initial public offering (IPO), valued at nearly $2.1 billion. This move allows individual investors to buy shares in the facility. The refinery, located near Lagos with a cost of $20 billion, is expected to raise about $1.6 billion if fully subscribed, aiming to fund its expansion to increase its refining capacity from 700,000 barrels per day to 1.4 million barrels by 2029. The refinery is considered a major development in the Nigerian fuel market and currently provides most of the country's domestically produced gasoline needs.
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