Dangote eyes Mombasa for $17 billion refinery, says Kenya has deeper port and bigger economy
By Aboki Forex —
Nigerian billionaire Aliko Dangote is leaning towards building a new 650,000-barrel-per-day oil refinery in Mombasa, Kenya. In an interview with the Financial Times, Dangote said the coastal city’s deep seaport and larger economy make it a stronger choice than Tanzania’s Tanga port.
“I’m leaning more towards Mombasa because it has a much larger and deeper port,” Dangote said.
Kenya offers bigger market
Dangote noted that Kenya consumes more fuel than Tanzania. “Kenyans consume more. It’s a bigger economy,” he stated. The proposed facility would mirror the scale of his existing Dangote Refinery in Nigeria, which processes 650,000 barrels of crude daily and ranks among the world’s largest single-train refineries.
Project cost and timeline
The refinery could require between $15 billion and $17 billion in investment. Dangote said construction would take four to five years after all agreements are finalised. The project aims to reduce East Africa’s total dependence on imported refined petroleum products, most of which come from the Middle East. That reliance has caused supply shortages and price spikes, especially amid tensions linked to the U.S.-Israeli conflict with Iran.
Decision rests with President Ruto
Dangote stressed that the final decision depends on the support of Kenyan President William Ruto. “The ball is in the hands of President Ruto. Whatever President Ruto says is what I’ll do,” Dangote said. He also called for regional cooperation, noting that East African governments must agree on supportive policies and investment terms.
Last month, President Ruto disclosed that East African nations were in talks over a regional refinery at Tanzania’s Tanga port. Dangote said he would be willing to duplicate his Nigerian refinery project in East Africa if governments provide the necessary backing.
Dangote’s broader African push
Dangote, whose net worth is estimated at $33.2 billion, is also preparing to launch a 20,000-megawatt electricity project in Nigeria. He is increasing investments in fertiliser production, refinery growth, and major infrastructure projects across the continent.