Dangote Group has offered East African countries a 30% equity stake in the giant refinery planned for the region, according to Kenyan President William Ruto’s top economic adviser.
Kenya’s 10% stake would be worth about $500 million, David Ndii told a capital markets forum in Nairobi late on Thursday, adding that Ethiopia and Rwanda have already shown interest.
“The total for the region is about $1.5 billion,” he said.
“I don’t actually see a challenge in doing that, and if some of them are not off-taking we will backstop.”
Aliko Dangote, Africa’s richest man, plans to build a replica of his 700 000 barrel-a-day Nigerian facility in Kenya.
He expects the new facility will cost as much as $16 billion.
Groundbreaking for the petrochemical complex is expected in September, and the cost for the facility and additional ports infrastructure will be about $20 billion, according to Ndii.
The refinery will
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