Nairobi: Tanzanian billionaire Mohammed Dewji has announced his intention to invest $100 million in a significant crude oil refinery project planned for Africa’s east coast. This ambitious $17 billion initiative is being spearheaded by Aliko Dangote, the continent’s wealthiest individual, who aims to establish a facility in Kenya similar to his existing 700,000 barrel-per-day refinery in Nigeria.
According to Ghana Web, Dangote originally considered Tanzania as a potential location for the refinery. However, he ultimately selected Lamu, a coastal town in southeastern Kenya, citing ‘commercial and technical’ reasons for this decision, though he did not provide further details. Despite this, Dewji expressed a preference for Tanzania over Kenya but indicated his willingness to participate in the project if it proceeds in Kenya.
Dewji has yet to engage in discussions with Dangote regarding his investment ambitions. He stated, “I would definitely reach out to him, and we can chat about it,” highlighting his openness to collaborate on the project. Meanwhile, a Dangote executive noted that there is significant investor interest in the refinery, aligning with Kenyan President William Ruto’s expectation for the project to commence this year. The executive added, “So many potential investors have been approaching us,” underscoring the project’s attractiveness to investors across the region.