Overview
- The formal groundbreaking took place Wednesday in Lamu with President William Ruto, Aliko Dangote and several regional leaders present and the first heavy equipment already delivered to the port.
- The project is billed as a roughly $16 billion refinery with 700,000 barrels per day capacity and a three-year construction target that Dangote says aims for completion by about 2030.
- Engineers India Limited has a confirmed $450 million project management and EPCM contract and Dangote says the build will be funded with internal cash, planned IPO and bond sales and outside investors including U.S. interest.
- Dangote has offered a combined 30 percent equity slot to East African states with Kenya expected to take about 10 percent and citizens to be able to buy shares via the Nairobi Securities Exchange.
- Legal and environmental risks remain active after a Malindi court ordered a status quo on disputed parcels until an October 14 hearing, and regional competition plus uncertain crude commitments leave the refinery likely to rely on seaborne imports.