Chairman of Dangote Petroleum Refinery, Aliko Dangote, has announced plans to sell between 5% and 10% of the company’s shares on the Nigerian Exchange (NGX) Limited within the next year.
Speaking with S&P Global, Dangote said the planned share sale aligns with the listing strategy of other Dangote Group companies, including Dangote Cement and Dangote Sugar Refinery.
“We don’t want to keep more than 65% to 70%,” Dangote stated, adding that the refinery’s shares would be released gradually, depending on investor interest and market conditions.
Dangote further revealed that the group is pursuing strategic partnerships with Middle Eastern investors to support the refinery’s expansion and finance a new petrochemical project in China.
“Our business model is changing. Instead of being 100% Dangote-owned, we will bring in new partners,” he explained.
Dangote also hinted that the Nigerian National Petroleum Company Limited (NNPC Ltd.) could increase its stake in the refinery.
The NNPC currently holds a 7.2% share, down from its earlier position. Dangote noted that further discussions could take place once the refinery enters its next phase of growth.
“I want to demonstrate what this refinery can do. Then we can sit down and talk,” he said.
The refinery, which commenced operations in 2024, is currently expanding capacity from 650,000 barrels per day (bpd) to 700,000 bpd by year-end.
The long-term goal is to reach 1.4 million bpd, surpassing the world’s largest refinery in Jamnagar, India, which produces 1.36 million bpd.
Beyond refining, Dangote Petroleum is ramping up its chemical production boosting polypropylene output from 1 million to 1.5 million metric tonnes annually and investing in base oils and linear alkylbenzene production.
On maintenance operations, Dangote disclosed that most technical issues had been resolved but said a one-month shutdown might still be necessary for final adjustments.
“We’ve resolved most of the problems. We’re just looking for the right window to shut down for about a month,” he noted.
He added that the maintenance schedule would be carefully timed to avoid disrupting year-end fuel demand.
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