State-owned Nigerian National Petroleum Corp is in advanced talks with Dangote Industries to acquire a 20% stake in the 650,000 barrels per day, Dangote oil refinery. This is a deliberate move to ensure that the risk associated with refinery business does not weigh solely on Dangote Industries, and a bold statement that the government is ready to encourage private investors in the building refineries. The Dangote plant located in the outskirt of Lagos, which will be Africa’s largest refinery, is expected to start commissioning early next year.
Source : S&P Global
