Aliko Dangote Launches $16 Billion Petroleum Refinery Project in Kenya

African billionaire Aliko Dangote, alongside Kenyan President William Ruto and Ethiopian Prime Minister Abiy Ahmed, laid the foundation stone for a $16 billion petroleum refinery in Lamu, Kenya. Named the East Africa Petroleum Refinery, the facility will have the capacity to refine 700,000 barrels of crude oil per day, making it the largest industrial project in East Africa. The construction is scheduled to begin on November 1 and is expected to be completed by 2030. The mega-project also includes a 1,000 MW power plant and is anticipated to create up to 60,000 jobs during peak construction. Dangote offered a combined 30 percent stake in the project to neighboring governments. Addressing queries about choosing Kenya despite its lack of crude oil production, officials emphasized that refineries source crude from the international open market, drawing parallels to Singapore.