Dangote Invests $327 Million in Kenya Pipeline Company
Aliko Dangote, president of Dangote Industries Limited, has acquired a 25% stake in Kenya Pipeline Company for approximately $327 million. This acquisition strengthens Dangote's presence in Kenya's petroleum distribution sector and is part of his broader strategy to expand energy investments across Africa.
The announcement was made at the Financial Times Africa Summit in London. This deal follows the September 30 groundbreaking ceremony for a proposed $16 billion refinery in Lamu, Kenya, which Dangote launched alongside President William Ruto.
The refinery is designed to process 700,000 barrels of crude oil daily and is expected to generate 1,000 megawatts of electricity. The facility aims to produce one million tonnes of polypropylene and base oil and supply at least 20% of the jet fuel consumed in Europe and the UK.
This investment aligns with Kenya's efforts to attract private investment to enhance its energy infrastructure.
Plus234Feed summary based on reporting from Legit.ng. Read the original report below.
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