Dangote's Kenya Refinery Project Launches This Week at Up to $20B

AI Summary

Kenya officially launched the Dangote-backed East Africa Oil Refinery project in Lamu, valued between $17 billion and $20 billion. The refinery will process 700,000 barrels of crude oil daily, serving multiple East African countries including Uganda, South Sudan, and the DRC, with disclosed financing standing at $1.6 billion.

Kenya breaks ground September 30 on the Dangote-backed East Africa Oil Refinery in Lamu, a project priced at $17 billion by Kenyan officials and $20 billion by Aliko Dangote himself, and designed to process 700,000 barrels of crude oil a day at Lamu's deep-water port. It would serve Kenya, Uganda, South Sudan, Rwanda, Burundi and the Democratic Republic of Congo. Disclosed financing for the project totals $1.6 billion against a price tag of $17 billion to $20 billion. Tanzanian billionaire Mohammed Dewji has committed $100 million to the project.…