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Dangote Refinery is set to overtake other facilities globally and become the world’s largest refinery by 2028, Chairman of the Dangote Group, Aliko Dangote, has announced.
Dangote made the disclosure on Monday during the preliminary signing ceremony for the proposed initial public offering (IPO) of Dangote Petroleum Refinery and Petrochemicals.
The refinery, with a current capacity of 700,000 barrels per day, is already Africa’s largest refinery and the world’s largest single-train refinery.
Dangote said the planned expansion would position the facility as the biggest refinery in the world within the next two years.
“As we gather today to witness the preliminary activities that will set in motion the initial public offering of the 700,000 barrels per day in the Dangote refinery and petrochemicals, the largest refinery in Africa, world’s largest single train, and soon to be the largest refinery by 2028 in the world history,” he said.
He described the IPO process as an important development for Dangote Group, Nigeria and the wider African continent.
Reflecting on the refinery’s development, Dangote said the project was conceived more than a decade ago and received strong support from the group’s bankers.
He noted that the lenders backed the ambitious project even before visiting the refinery site or seeing its licence.
“Today also shows that nothing is impossible for us to achieve once we are focused and determined,” Dangote said.
He linked the refinery project to the group’s Vision 2030 strategy of accelerating industrialisation across Africa, arguing that reliable energy supplies were essential to achieving that goal.
“We have learned the hard way, and we cannot industrialise if we do not have the energy security,” he said.
According to him, Dangote Group has therefore prioritised investments aimed at improving energy security in Nigeria while pursuing industrial projects in other African countries.
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He listed Ethiopia, Kenya, Tanzania and Namibia among countries where the group has announced expansion plans, saying such investments could encourage more African entrepreneurs to contribute to the continent’s industrial growth.
On the proposed IPO, Dangote said shares would be available to investors without restrictions based on their location or status.
“There is no segregation on who can own the shares,” he said.
“We want every human being living on the continent to be part of this action.”
Also speaking, the Chief Executive Officer of Dangote Refinery, David Bird, said the facility currently operates as a merchant refinery supplying Nigeria, West Africa and international markets.
Bird said the refinery had expanded its presence in overseas markets and had become Europe’s largest supplier of jet fuel.
He added that the refinery had delivered strong results in the past six months and helped reduce the effect of supply disruptions linked to conflicts in the Middle East and Ukraine.
According to Bird, the facility can process various crude grades and serve customers across multiple international markets.
He said the 700,000-barrels-per-day plant is Africa’s largest refinery and among the five or six biggest refineries globally.
Bird disclosed that preparations for the expansion, including engineering and procurement, had already been completed, leaving construction as the major outstanding stage.
“This is now just a construction exercise that we believe we can deliver by 2028 to make the Dangote refinery the largest integrated refinery and petrochemical complex on the planet,” he said.
