Dangote Group, controlled by Africa’s richest man, may list an oil refinery that it’s building in Nigeria once it becomes profitable.
The plant, which will be able to process 500,000 barrels of crude a day, will be situated near the commercial hub of Lagos, Dangote Group Stakeholder Relations Director Mansur Ahmed said. It will target Euro 5 production standards and may supply domestic and export markets.
“Basic design has been completed,” Ahmed said in a speech read on behalf of group president Aliko Dangote at the African Refiners Association conference in Cape Town. “Site clearing is nearing completion. Site development should commence in a few weeks’ time.”