Dangote Group said, yesterday, it will borrow $3.3 billion to build a $9 billion oil refinery and petrochemical complex.
The Nigerian group, with interests ranging from cement to oil and gas, also said it was....
seeking a further $2.25 billion from development funds for the project, into which it would put $3.5 billion of its own equity.
The loan will be signed with financiers on September 4, it said in statement. Owner of the group, Aliko Dangote, divulged plans for the refinery in April.
The Dangote Group makes up 30 percent of Nigeria’s bourse.
Dangote told Reuters then that the refinery will have a capacity of around 400,000 barrels a day by late 2016, almost doubling Nigeria’s refining capacity.
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