Dangote breaks ground on $16 billion East African oil refinery

Construction begins on Wednesday of ​a $16 billion Kenyan oil refinery aimed at lowering East Africa’s fuel costs and saving the region hard currency used to import refined products.

Aliko Dangote ‌and Kenyan President William Ruto broke ground on the site, where the billionaire wants to replicate his group’s 700 000-barrel-per-day Nigerian refinery as countries including Kenya and Uganda look to start producing crude oil.

The refinery, whose shares will eventually be listed on the Nairobi bourse, is the largest-ever foreign direct investment for ​Kenya, and it will boost the country’s annual gross domestic product by 12%, Ruto said at the launch ceremony.