Flash: Dangote Secures $4.25 Billion Loan To Build 400,000 BPD Refinery

Dangote

The Chairman of the Dangote Group of Companies, Alh. Aliko Dangote has secured loans to the tune of $4.25 billion to build a refinery in Nigeria. The loan was negotiated from two offshore banks and some Nigerian banks. Dangote made this known in an interview at the World Economic Forum on Africa in Cape Town South Africa on Tuesday.

The refinery is planned to be located in the Southwest of Nigeria and would process up to about 400,000 barrels of crude per day

Nigeria’s four refineries process less than the 445,000 barrels per day working at far less their capacities due to aging infrastructure and poor maintenance while it exports close to 2 million of crude.

Whereas, the nation is a member of the Organization of the Petroleum Exporting Countries, about 70 percent of the oil products needed is imported to meet domestic requirements.

Dangote is Africa’s richest person, with an estimated wealth of $20 billion.

Leave your comment here

Advertisements

2 thoughts on “Flash: Dangote Secures $4.25 Billion Loan To Build 400,000 BPD Refinery

  1. A very good investment for nigeria and for africa as a whole, good to have somebody like alhaji alinko dangote around this generation, a very visionary and a benefactor made to help the country in building it economy and developing the nation. Thank sir.

    Like

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s