- Share
- Tweet
Tanzania’s richest businessman, Mohammed Dewji, has expressed interest in investing $100 million in Aliko Dangote’s proposed $17 billion refinery in East Africa, highlighting growing investor confidence in the ambitious energy project
Dewji disclosed his plans during an interview, stating that he would prefer the refinery to be located in Tanzania but would still consider investing if the project is ultimately developed in neighbouring Kenya
Dangote recently announced plans to replicate the success of his 700,000-barrels-per-day Lagos refinery by building another large-scale refinery on Africa’s east coast
Although Tanzania was initially considered as a possible location, Dangote later revealed that Kenya’s coastal town of Lamu had been selected for commercial and technical reasons
Dewji said he has not yet discussed the investment proposal with Dangote but intends to initiate discussions soon
He noted that while Tanzania remains his preferred location for the project, he is open to participating regardless of where the refinery is eventually constructed within East Africa
The proposed refinery has continued to attract significant investor interest ahead of construction
According to reports, a senior executive at Dangote Industries confirmed that several prospective investors have approached the company to express interest in participating in the multibillion-dollar project
Estimated to cost about $17 billion, the refinery is expected to become Africa’s second-largest refinery after the 700,000-barrels-per-day Dangote Petroleum Refinery in Lagos when completed
Kenyan President William Ruto has previously expressed optimism that construction of the refinery will begin this year
Dangote’s Lagos refinery, commissioned in phases beginning in 2024, has transformed Nigeria’s downstream petroleum sector by reducing dependence on imported refined petroleum products while supplying petrol, diesel, al African countries
The proposed East African refinery forms part of Dangote Industries’ broader strategy to expand refining capacity across the continent, strengthen regional energy security, reduce Africa’s dependence on imported fuels and boost intra-African trade in refined petroleum products
Although both Tanzania and Kenya have been considered as potential host countries, Dangote has indicated that Lamu, Kenya, currently offers the most favourable commercial and technical conditions for the project
Tags: Dangote Industries, Aliko Dangote, Mohammed Dewji, Tanzania, Kenya, Lamu, East Africa Refinery, Dangote Refinery, Oil and Gas, Energy Investment, Refinery Project, Africa Energy, Regional Energy Security, Petroleum, Downstream Sector, Intra-African Trade, William Ruto, Nigeria Economy, Tanzania Economy, Foreign Investment
Up Next
Digital Payments Driving Growth in Nigeria’s $11.09bn Food Service Industry – Report
Don’t Miss
Bank of Agriculture Launches Wet Season Input Support for Smallholder Farmers in Katsina
Business4 years agoBREAKING: CBN announces New Withdrawal Policies, Pegs ATM Withdrawals Limit at N20,000 daily, N100,000 weekly
Business6 years agoFirst Bank Nigeria Joins SME Finance Forum
Business6 years agoFG Opens Application Portal for N75 Billion MSME Survival Fund 10pm Today, Releases Time-table for Payroll Support Scheme for different sectors
Business3 years agoCall for Applications: MTN ICT and Business Skills Training (N90 Million Grant for 300 Participants)
- Business4 years ago
Call for Applications: Rural Youth Skill Acquisition Programme for Nigerian Youths (receive N50,000 monthly stipend)
Business6 years agoHow to apply and benefit from free CAC Business Name Registration for 250,000 MSMEs
Articles & Resources6 years agoHow to put your house in order for tax purposes
Business4 years agoCall for Applications: Tony Elumelu Foundation Entrepreneurship Programme 2023 for African Entrepreneurs (get $5,000 seed funding)