Commodities
Home›Commodities›Energy›Dangote offers East Africa 30% stake in Lamu mega-refi…
Dangote offers East Africa 30% stake in Lamu mega-refinery
The planned Lamu Island project would process up to 700,000 bpd, exceeding East Africa’s current refined fuel demand by about 250,000 bpd.
Nigeria’s Dangote Group is offering East African countries a 30% equity stake in a planned refinery in Kenya, according to a senior adviser to Kenya’s President William Ruto.
The project would be built on Kenya’s Lamu Island with capacity of as much as 700,000 barrels per day of crude, at an estimated cost of about $17 billion.
Dangote’s refinery would supply crude processing for Kenya, Uganda, South Sudan, Rwanda, Burundi, and the Democratic Republic of the Congo, and its capacity is expected to run above East Africa’s current refined fuel demand of roughly 450,000 bpd by about 250,000 bpd.
The Lamu port is described as capable of handling fully laden Post-Panamax crude tankers, and Kenya’s adviser David Ndii said the region’s equity total is about $1.5 billion, with plans for support if some countries do not take supply commitments.
Latest closeWTI crude $82.40 ▲1.4%