Founder, Dangote Group, Aliko Dangote, has hinted of plans to sell a minority stake in his multi-billion-dollar refinery as part of a plan to double its capacity, transforming it into the world’s largest refining complex.
Dangote, who revealed this in an interview with S&P Global, said the move will mirror the approach adopted for Dangote Cement and Dangote Sugar Refinery.
He said the Dangote Petroleum Refinery plans to sell five per cent to 10 per cent of its stake on the Nigerian Exchange (NGX) Limited within the next year.
“We don’t want to keep more than 65 per cent to 70 per cent,” Dangote said. According to him, the shares would be offered gradually, depending on investor appetite and market depth.
The billionaire added that the group is exploring strategic partnerships with Middle Eastern firms to help finance the refinery’s expansion and a new petrochemicals venture in China.
“Our business concept is going to change. Now, instead of being 100 percent Dangote-owned, we’ll have other partners,” he stated. Dangote also hinted at a possible increase in the Nigerian National Petroleum Company (NNPC) Limited’s stake in the refinery.
The national oil company had earlier reduced its ownership to 7.2 per cent, but Dangote said further discussions could take place once the refinery’s next growth phase begins.
“I want to demonstrate what this refinery can do, then we can sit down and talk,” he said. The refinery, which began operations in 2024, plans to ramp up its capacity from 650,000 barrels per day (bpd) to 700,000 bpd by the end of the year. Dangote said the long-term goal is to increase output to 1.4 million bpd, surpassing the world’s largest refinery in Jamnagar, India, which produces 1.36 million bpd.
Beyond refining, the company is also expanding its chemical production. Dangote disclosed plans to boost polypropylene output from one million to 1.5 million metric tonnes annually and develop new projects in base oils and linear alkylbenzene.
On the ongoing maintenance operations, Dangote said most technical issues had been resolved but added that a one-month shutdown might be required for final adjustments.
“We have resolved most, not all, but most of the problems. And I think we’re looking for a window when we shut down for another month,” he said.
He noted that the maintenance schedule would be timed to avoid disruption during the end-of-year surge in fuel demand.
