Commodities
Ruto Reveals Kenyan Fuel Security Sparked Dangote Oil Refinery Project
Kenyan President William Ruto has revealed that the Dangote East Africa Oil Refinery project was conceived due to disruptions in global oil supplies. The $2 trillion project, which broke ground last week in Lamu, aims to strengthen Kenya's petroleum security.
Ruto said that during a period of tensions in the Middle East, Kenya experienced difficulties accessing fuel due to disruptions around the Strait of Hormuz, a major global oil transit route.
He sent officials from his office to meet with Nigerian businessman Aliko Dangote and visit one of his refineries. After further studies, Lamu was identified as the most suitable location for the project due to its deep ocean draft, allowing large vessels to transport crude oil.