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Dangote commits billions to proposed refinery

28 August 2013, 07:29

Lagos - The Dangote Group will invest about $3.5 billion in the fertilizer and petrochemical refinery complex to be located at the Olokola Liquefied Natural Gas (OKLNG) Free Trade Zone.

This is part of the US$ 9 billion that will be invested in the facility, with the rest of the funds coming from a consortium of local and foreign banks.

“We are not resting on our laurels as we seek to make possible what could be the single largest contribution to this government’s economic transformation agenda, with our investment of $9 billion in the largest refinery/petrochemical/fertiliser complex in Africa,” Aliko Dangote, the company’s founder said.

He said because of the vastly improved investor-friendly environment in Nigeria, there had been a tremendous response by reputable international finance organisations to participate in the project.

Dangote Group has in the last five years increased 10-fold to a market capitalisation of $22 billion and today accounts for over 30 percent of the total market capitalisation of the Nigerian Stock Exchange.

The Group said that its massive expansion in the last five years has coincided with the tenure of this administration and have been due mainly to the formulation and implementation of progressive policies of this government, like the cement backward integration policy that has seen Nigeria achieve self-sufficiency in cement production.

The group  recently unveiled plans to invest up to $8 billion to build a Nigerian oil refinery with a capacity of around 400 000 barrels a day and it could come on stream by 2016.

OKLNG is located between Ogun and Ondo States. The project was solidified in 2007 with the signing of an MOU between the shareholders.

The plan of the project was for gas producers/owners to send natural gas to the facility where it would be converted to LNG for a fee and pumped into owner ships for sale.

- CAJ News

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