Dangote opens Egypt talks for $10bn to $15bn refining, petrochemicals investment

Aliko Dangote is in talks with Egyptian authorities over an investment of between $10 billion and $15 billion in oil refining and petrochemicals. The discussions gained momentum after Egypt’s Minister of Investment and Foreign Trade, Mohamed Farid Saleh, visited Dangote Industries Limited’s headquarters in Lagos on Sunday with senior government and industry officials.

Dangote described the meeting as an opportunity to strengthen industrial cooperation and economic ties between African countries. The final scale and structure of the proposed investment are still under discussion.

Egypt courts Dangote

Egyptian authorities had shown interest in partnering with Dangote Group before the Lagos meeting. On October 15, Mohamed Awad, chief executive of Egypt’s General Authority for Investment and Free Zones, conveyed the government’s interest in a strategic partnership with the Nigerian conglomerate at an event in Cairo. Awad represented Minister Farid and said Egypt wanted stronger investment relations with major African businesses.

Dangote said last month that the initial investment in Egypt could reach $10 billion, with the total potentially exceeding $15 billion depending on how negotiations go. The proposed deal would expand Dangote Group beyond its existing businesses in cement, sugar, flour, fertiliser and petroleum refining.

Vision 2030 and the project pipeline

The Egypt plan sits under Dangote Group’s Vision 2030 strategy, which targets annual revenue of $100 billion by the end of the decade. The conglomerate plans to invest up to $50 billion in industrial projects across Africa, financed through internally generated funds, equity and debt.

Its investment pipeline includes a proposed 530-kilometre subsea gas pipeline, up to 10,000 megawatts of power generation capacity and a linear alkylbenzene plant with annual capacity of 400,000 metric tonnes. The group also plans to expand urea fertiliser and polyethene production. Dangote Cement is targeting annual production capacity of 100 million tonnes.

The projects remain subject to financing, negotiations and execution.

Kenya refinery next on the list

Dangote Group is also preparing to break ground on another multibillion-dollar refinery. The groundbreaking ceremony for its planned East Africa Oil Refinery in Lamu, Kenya, is scheduled for September 30, 2026.

The refinery is designed to process up to 700,000 barrels of crude oil per day, potentially making it one of Africa’s largest refineries when completed. Kenyan authorities are making final security, protocol and logistical preparations for the ceremony, which President William Ruto is expected to lead.

The Egypt investment remains at the talks stage, with financing and structure still to be settled.