Africa’s Richest Man Gets $997M US Grant For Dangote Oil Refinery
From Ventures Africa
Africa’s richest man Aliko Dangote has received $997.4 million in training grant from the U.S. Trade and Development Agency (USTDA) for his Dangote Oil Refining Company Ltd. located in Lekki, Lagos, Nigeria.
“USTDA is pleased to support the Dangote Oil Refining Company’s efforts to increase Nigeria’s domestic refining capacity,” said USTDA Deputy Director Enoh Titilayo Ebong, who signed the grant agreement along with Mr. Aliko Dangote, Chairman and CEO, Dangote Group. “This program builds upon USTDA’s long history of support for vital infrastructure development in Nigeria.”
The grant will fund a multi-year program to train more than 100 staff of the Company on refinery fundamentals. The training is being provided, as part of a whole-of-U.S.-government advocacy campaign, in support of UOP LLC’s (Des Plaines, Ill.) agreement, through its affiliate UOP Limited, for the provision of technology licensing and engineering services to the Dangote Oil Refining Company for the development of the Lekki refinery.
In 2013, Dangote Industries Limited signed a loan agreement with a consortium of both local and international banks to the tune of $3.3 billion for the purpose of constructing the biggest Petroleum Oil Refinery & Petrochemical/ Fertilizer Plants in Nigeria. Dangote has invested $11 billion in the project which is expected to be completed by 2017.
With Nigeria’s state-owned refineries largely ineffective and producing a fraction of installed capacity, Africa’s largest oil producer has become the continent’s highest importer of refined oil products. But Dangote’s refinery will change this.
Read more at Ventures Africa
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