Dangote Offers East Africa 30% Stake in Planned Kenyan Refinery

Nigeria's Dangote Group has proposed a massive refinery project in Kenya, offering East African nations a significant stake in the venture. The planned refinery on Lamu Island will have a processing capacity of up to 700,000 barrels per day of crude oil.

The estimated cost of the project is $17 billion, and it's expected to meet the refined fuel demand of East Africa, which currently stands at around 450,000 bpd. The refinery will also leave room to supply markets elsewhere on the continent.

David Ndii, chair of the Kenyan President's Council of Economic Advisers, stated that Kenya could receive a 10% stake in the project, worth approximately $500 million. The total value of stakes offered to East African countries is around $1.5 billion.