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Dangote mulls buying oil blocks

21 January 2014, 16:07

Lagos - Dangote Group, owned by Africa’s richest man Aliko Dangote, is contemplating buying oil fields from international oil companies, who are trying to trim their Nigerian assets. Reports BusinessDay.

The group needs to secure a supply of crude oil and a substantial amount of gas for its proposed $9 billion oil refinery and petrochemical complex. It also needs energy for its cement plants across the country.

Devakumar Edwin, the group’s Executive Director, said the company is interested in investing in oil blocks and has approached some companies who are divesting from onshore.

 He, however said the company's purchase interest will depend on a number of issues including the profitability of the fields and the selling prices.

Read more at BusinessDay


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