Africa’s richest man Dangote eyes Kenya for new refinery

Nigerian billionaire Aliko Dangote is considering Kenya as a possible location for a 650,000-barrel-per-day oil refinery he plans to build in East Africa, according to a Financial Times report.

Dangote said he is leaning toward Mombasa, pointing out that the port is deeper and better developed than Tanzania’s Tanga port. He also noted that Kenya has higher fuel consumption and a larger economy. He added that the final decision largely depends on Kenyan President William Ruto, saying, “The ball is in the hands of President Ruto. Whatever he says is what will be done.”

The proposed refinery, estimated to cost between $15 billion and $17 billion, could mirror Dangote’s massive refinery in Nigeria. East Africa currently relies entirely on imported refined petroleum products, mainly from the Middle East, which exposes the region to global supply disruptions and price shocks.

Earlier, Ruto had mentioned discussions among East African nations about a shared refinery at Tanzania’s Tanga port, modeled on Dangote’s Nigerian project.