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Originally published by Nation News
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July 8, 2026
6h ago

How Dangote plans to fund proposed Kenya refinery

How Dangote plans to fund proposed Kenya refinery

The refinery is expected to take up to three years to build and would supply refined petroleum products to Kenya and neighbouring countries...

✨ Key Highlights

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.

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