Aliko Dangote to Sell 10% Stake in Refinery on NGX by 2026 for Expansion and Partnerships
Aliko Dangote, the founder of Dangote Group, intends to sell a 10% stake in Dangote Petroleum Refinery on the Nigerian Exchange by 2026, mirroring the approach taken with Dangote Cement and Sugar Refinery. The sale of stakes, ranging from 5% to 10%, will depend on investor appetite and market conditions.
Dangote is considering strategic partnerships with Middle Eastern companies to support the refinery's expansion and develop new petrochemical projects in China. The refinery aims to increase its output to 1.4 million barrels per day, surpassing the world's largest refinery in Jamnagar, India.
Additionally, Dangote Group plans to develop a base oil project to enhance its polypropylene production. The company is addressing technical issues to ensure a smooth operation and is open to new opportunities in the oil and gas sector.
Plus234Feed summary based on reporting from The Will. Read the original report below.
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