KEY POINTS
- Dangote refinery listing planned on Nigerian Exchange.
- Output to rise from 650,000 to 700,000 barrels daily.
- Dangote refinery expansion to attract new global investors.
Chairman of Dangote Petroleum Refinery, Aliko Dangote, says the company plans to sell between five and ten percent of its shares on the Nigerian Exchange (NGX) within the next year.
In an interview with S&P Global, Dangote said the move aligns with the group’s strategy of listing major subsidiaries, following the footsteps of Dangote Cement and Dangote Sugar Refinery.
“We don’t plan to keep more than 65 to 70 percent,” he said, adding that the company will offer the refinery shares gradually, based on market conditions and investor demand.
Dangote refinery expansion targets global dominance
The Lagos-based refinery, which began operations in 2024, aims to increase output from 650,000 barrels per day (bpd) to 700,000 bpd by year-end.
Dangote said the long-term goal is to reach 1.4 million bpd exceeding India’s Jamnagar refinery, currently the world’s largest with 1.36 million bpd.
He added that the group is also expanding its petrochemical operations, boosting polypropylene output from one million to 1.5 million metric tonnes annually while developing new projects in base oils and linear alkylbenzene.
Dangote refinery partners investors for future growth
Dangote revealed that the group is in talks with Middle Eastern investors to fund its refinery expansion and a new petrochemicals project in China. “Now, instead of being 100 percent Dangote-owned, we’ll have other partners,” he said.
He also hinted at a possible increase in the Nigerian National Petroleum Company Limited’s (NNPC) 7.2 percent stake once the refinery enters its next growth phase.
On maintenance, Dangote said his team has resolved most technical issues but may shut the plant for a month to make final adjustments. He added that they will schedule the shutdown carefully to avoid disrupting year-end fuel supply.
