Africa's richest man, Aliko Dangote, has officially confirmed Lamu, Kenya, as the site for his planned Ksh2.59 trillion ($20 billion) East African oil refinery, ending speculation about its location.

• The massive 700,000-barrel-per-day refinery will be East Africa's largest petroleum processing facility.
• Dangote Industries selected Kenya after considering commercial, technical, and logistical factors.
• Construction is expected to take 30 months to three years, with soil testing and design work already underway.

Nigeria's Dangote Group plans to finance a proposed 700,000-barrel-per-day oil refinery in Kenya, East Africa's largest refining project, using a combination of internal cash flow, bonds, and an initial public offering (IPO).

• The project, to be built in Lamu, is expected to cost a similar amount to Dangote's Lagos refinery, which exceeded $20 billion.
• The refinery aims to reduce East Africa's dependence on imported fuels and represents Dangote Group's biggest refining investment outside Nigeria.
• Vice President for oil and gas Edwin Devakumar confirmed that site selection and initial design work have begun, with construction anticipated to take up to three years.

The National Treasury plans to amend the Public-Private Partnerships Act, proposing to remove the 30-year limit on PPP contracts and alter the approval and oversight processes.

• The tenure of PPP contracts will be determined by the project's nature and structure, not a fixed 30-year period.
• Key organizations involved include the National Treasury and the PPP Directorate.
• The amendments aim to make the PPP framework more flexible and investor-friendly, with public participation forums scheduled to commence on Monday, July 13, 2026.

President William Ruto has signed the Sovereign Wealth Fund Act, 2026 into law, establishing Kenya's first national savings fund to manage resource wealth for future generations.

• 30 per cent of all mineral and petroleum revenues will be allocated to the Future Generations Fund.
• The Kenyan government aims to manage resource wealth, cushion the economy, and finance strategic infrastructure.
• The Act also creates a Stabilisation Fund and a Strategic Infrastructure Investment Fund, with strict investment rules and parliamentary oversight.

President William Ruto has appointed Deputy President Kithure Kindiki to chair a government committee overseeing the implementation of the Ksh2.2 trillion East African oil refinery project in Lamu.

• The Ksh2.2 trillion refinery is one of the largest investments in Kenya.
• Key players include President William Ruto, Deputy President Kithure Kindiki, and businessman Aliko Dangote.
• The groundbreaking date has been set, with construction expected to take 30 months to three years.