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.
Continue Reading
Read the complete article from Nation News
Part of the Day's Coverage
Dangote Confirms Lamu as Location for Ksh2.59 Trillion Oil Refinery - July 2026
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. President William Ruto 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 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. Meanwhile, President Ruto signed the Sovereign Wealth Fund Act, 2026 into law, establishing Kenya's first national savings fund to manage oil and mineral wealth for future generations.
