Nigeria's Dangote refinery plans to expand to 1.4 MMbpd
Nigeria's Dangote Petroleum Refinery plans to more than double its production capacity to 1.4 MMbpd over the next three years, up from its current 650,000 bpd, owner Aliko Dangote said on Sunday.
The $20-B refinery on the outskirts of Lagos started operations in January 2024 and aims to end imports of refined petroleum products by Africa's biggest crude oil producer.
At 1.4 MMbpd, the plant's new capacity would be big enough to process nearly all of Nigeria's current crude production of around 1.5 MMbpd.
Dangote told journalists that funding for the expansion would come from cash flow, proceeds from a planned listing on the local stock market and "one or two strategic investors that we are carrying along".
"This expansion ... is about confidence in our people, in the leadership of our country," he said.
The planned listing of the refinery's shares on the Nigerian stock exchange would come in the next year, and demand for shares would determine the stake that would be listed, Dangote added.
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