Aliko Dangote, the President of Dangote Group and described as Africa's richest man, is preparing to break ground on a $16 billion refinery on the Kenyan coast on Wednesday.
The east African project is planned to have capacity of 700,000 barrels per day and is expected to take around 30 months to build. Dangote announced the plan after speaking to AFP in Nairobi on Tuesday.
Dangote said he expected Africa to largely supply its own refined fuel needs by 2030. He said a majority of African countries would be self-sufficient by that point.
The Kenyan refinery forms part of Dangote's wider aim of changing how the continent participates in energy markets. He said African economies should move away from exporting raw materials and towards selling finished products.
The proposal represents a significant planned investment in African refining capacity. Its stated capacity and cost place it at the centre of Dangote's argument that more fuel can be refined within Africa rather than relying on raw-material exports.
Details of the project's financing and funding sources have yet to be set out. Information on environmental assessments, regulatory approvals, possible partners and crude-oil supply arrangements is also unavailable.
Dangote gave no completion date beyond the estimate of around 30 months for construction. The planned groundbreaking on Wednesday would begin the project if it proceeds on that timetable.
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