Tanzania’s Richest Man Backs Dangote’s $17 Billion Kenya Refinery | Tanzania’s richest businessman, Mohammed Dewji, has offered to invest $100 million in Aliko Dangote’s planned oil refinery in Kenya, signalling strong confidence in one of Africa’s biggest energy projects.
Speaking to Bloomberg, Dewji said he would support the estimated $17 billion refinery despite wishing Dangote had built it in Tanzania. “I would lean more toward Tanzania than Kenya,” he said. However, he added that he is ready to discuss the investment directly with the Nigerian billionaire.
The offer marks the first public commitment from a major East African industrialist to back the project. According to Bloomberg, Dangote and Dewji have not yet discussed the investment. Nevertheless, Dewji said he plans to contact Dangote to explore the opportunity.
Dangote originally planned to build the refinery in Tanga, Tanzania. However, he later moved the project to Lamu on Kenya’s coast, citing better commercial and technical advantages.
Meanwhile, interest in the refinery continues to grow. A Dangote executive told Bloomberg that several potential investors have already approached the company, highlighting confidence in the project’s long-term prospects.
Kenyan President William Ruto also announced that construction is expected to begin later this year.
Once completed, the refinery will become Africa’s second-largest after Dangote’s refinery in Lagos. The Lagos facility currently processes about 650,000 barrels of crude oil per day, and Dangote plans to increase that capacity to about 1.4 million barrels daily over the coming years.
To support the expansion, Dangote secured a $4 billion syndicated financing package, including $2.5 billion from the African Export-Import Bank. In addition, the group signed a $400 million agreement with Chinese equipment manufacturer XCMG Construction Machinery to supply equipment for the refinery complex.
Despite relocating the refinery project, Dangote continues to expand investments in Tanzania. The group is developing a seaport, a 2,000-megawatt coal-fired power plant and a 40-kilometre concrete road to improve port access. It also plans to establish a special economic zone, build a urea fertiliser plant and improve transport links between Mtwara and Mbamba Bay.
According to Billionaire Africa, Dewji transformed the MeTL Group into one of East Africa’s largest privately owned conglomerates, with businesses spanning manufacturing, agriculture, energy, logistics and consumer goods.
Tanzania’s Richest Man Backs Dangote’s $17 Billion Kenya Refinery | AviationGhana
