The groundbreaking ceremony for the proposed Lamu Oil Refinery, backed by Africa’s richest man, Aliko Dangote, is set for September 30.

🇰🇪 Breaking It Down

Dangote confirmed the date on Thursday, September 3, while speaking to investors and analysts during a visit to Botswana.

“We are launching it on September 30,” Dangote was quoted as saying by Reuters .

Kenyans.co.ke reported last month that the project was expected to break ground in September, although an exact date had not been announced.

📌 What You Need to Know

The refinery is expected to serve markets across East Africa, with President William Ruto’s economic adviser David Ndii estimating the region could provide more than 600,000 barrels of crude oil per day.

Ndii said South Sudan could supply about 350,000 barrels per day, Uganda 250,000 barrels and Kenya 120,000 barrels.

Dangote has offered East African countries a 30 per cent equity stake in the proposed Ksh2.59 trillion ($20 billion) refinery and petrochemical complex.

Kenya has been offered a 10 per cent stake valued at Ksh64.74 billion ($500 million), according to Ndii.

Ethiopia and Rwanda have also expressed interest in the regional stake, potentially taking the East African share to 30 per cent, valued at Ksh194.21 billion ($1.5 billion).

Kenya is also planning a wider industrial complex around the refinery, including a 1,000-megawatt power plant and a special economic zone.

📰 Source: Kenyans.co.ke