We will borrow $3.3 billion to build a $9 billion oil refinery- says Dangote

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Dangote Nigerian Group, with interest in cement, oil and gas, yesterday, said it will borrow $3.3 billion to build a $9 billion oil refinery and petrochemical complex.

The group spokesman, Anthony Chiejina, who told Reuters in a statement that the refinery’s capacity will span across 400,000 barrels a day by late 2016, said the loan will be signed with financiers on September 4.

“We are not resting on our oars,” group spokesman, Anthony Chiejina said, adding that the complex, including petrochemical and fertilizer plants, “could be the single largest contribution to this government’s economic transformation agenda.”

Nigeria’s current capacity of production is 445,000 barrels per day.

Aliko Dangote, unveiled his plan to set up refinery in April.

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