Dangote to sell 30% shareholding of new refinery to East African countries – Report
Mr Dangote is turning to business-friendly Kenya and other promising markets in East Africa to expand his multi-billion dollar empire after facing an avalanche of resistance from his home country Nigeria in bringing a refinery of similar capacity to completion.5 billion ahead of the Nigerian refinery’s planned $5 billion initial public offer scheduled for October, valued the refinery at $40 billion.
The planned refinery in Kenya is expected to cost $15 billion to $17 billion.
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