Billionaire industrialist Aliko Dangote says his company plans to sell between 5 and 10 percent of its refinery stake on the Nigerian Exchange within the next year. Speaking to S&P Global, Dangote said the decision mirrors the approach taken with Dangote Cement and Sugar Refinery, and would depend on investor demand.
He added that the company is in talks with potential partners from the Middle East and China as part of efforts to expand operations and develop new petrochemical projects. The Nigerian National Petroleum Company, which currently holds a 7.2 percent stake, may also increase its share once the next growth phase begins.
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The refinery, currently producing 650,000 barrels per day, is targeting a future capacity of 1.4 million barrels daily — a level that would exceed the world’s largest refinery in Jamnagar, India. Dangote also confirmed that most technical challenges at the plant have been resolved, with maintenance planned to avoid year-end fuel demand spikes.
He disclosed that the refinery’s restructuring, which included the dismissal of 800 workers, is nearly complete. Production from the company’s oil assets in the Niger Delta is also expected to start this month, with output projected at about 40,000 barrels per day.
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