Nigerian billionaire Aliko Dangote proposes a 700,000 bpd refinery to reduce East Africa’s reliance on imported refined fuel.
Nigerian billionaire Aliko Dangote announced plans to build a $17 billion oil refinery in Kenya with a capacity of 700,000 barrels per day. The project aims to address East Africa’s dependence on imported refined fuel, which has persisted since the region’s last refinery shut down in 2013.
East Africa holds 4.7 billion barrels of crude oil reserves and 70 trillion cubic feet of natural gas but currently imports 100% of its refined fuel. The proposed refinery could transform the region’s energy sector by processing local crude instead of exporting it.
No immediate market reaction was reported, but the project could reduce fuel import costs and boost regional energy security if completed.