1 week ago
3
Africa’s richest man, Aliko Dangote, has announced plans to merchantability betwixt 5 and 10 percent of the Dangote Petroleum Refinery’s shares connected the Nigerian Exchange (NGX) Limited wrong the adjacent year.
Speaking successful an interrogation with S&P Global connected October 20, Dangote said the determination would travel the aforesaid way taken by different Dangote Group subsidiaries listed connected the banal market, specified arsenic Dangote Cement and Dangote Sugar Refinery.
“We don’t privation to support much than 65%-70%,” Dangote said, adding that the refinery shares would beryllium offered gradually, depending connected capitalist request and marketplace conditions.
The billionaire industrialist revealed that the radical is besides exploring strategical partnerships with Middle Eastern investors to money the refinery’s enlargement and enactment a caller petrochemicals task successful China.
“Our concern conception is going to change. Now, alternatively of being 100 percent Dangote-owned, we’ll person different partners,” helium stated.
Dangote besides hinted astatine a imaginable summation successful the Nigerian National Petroleum Company (NNPC) Limited’s involvement successful the refinery.
The nationalist lipid institution had earlier reduced its ownership to 7.2 percent, but Dangote said further discussions could instrumentality spot erstwhile the refinery’s adjacent maturation signifier begins.
“I privation to show what this refinery tin do, past we tin beryllium down and talk,” helium said.
The refinery, which began operations successful 2024, plans to ramp up its capableness from 650,000 barrels per time (bpd) to 700,000 bpd by the extremity of the year. Dangote said the semipermanent extremity is to summation output to 1.4 cardinal bpd, surpassing the world’s largest refinery successful Jamnagar, India, which produces 1.36 cardinal bpd.
Beyond refining, the institution is besides expanding its chemic production. Dangote disclosed plans to boost polypropylene output from 1 cardinal to 1.5 cardinal metric tonnes annually and make caller projects successful basal oils and linear alkylbenzene.
Commenting connected ongoing attraction operations, Dangote said astir method issues had been resolved but added that a one-month shutdown mightiness beryllium required for last adjustments.
“We person resolved most, not all, but astir of the problems. And I deliberation we’re looking for a model erstwhile we unopen down for different month,” helium said.
He noted that the attraction docket would beryllium timed to debar disruption during the end-of-year surge successful substance demand.
The station Aliko Dangote plans to merchantability 10% involvement successful refinery connected NGX appeared archetypal connected Vanguard News.
English (US) ·