Aliko Dangote, Africa’s richest man has signed a $650 million loan facility with the African Export-Import Bank (Afreximbank).
The loan facility signed on Saturday is meant to fund Dangote’s oil refinery project in Nigeria, Reuters reports.
The bank also signed a $750 million facility with Nigeria’s development bank, the Bank of Industry.
Afreximbank is Africa’s trade bank, based in Egypt.
Refinery Projects
Dangote industries Limited (DIL) two years ago completed the acquisition of Twister B.V, a company based in the Netherlands.
The company delivers robust solutions in natural gas processing and separation to the upstream and midstream oil and gas sectors.
Its unique separation capabilities are designed for augmenting production and streamlining processes, and to capitalise on high-yield gas processing for maximising revenues.
Aliko Dangote at the time said it was an important acquisition.
Refinery and fertilizer projects of Dangote Industries Limited have the capacity of creating a minimum of 235,000 new jobs.
These are both direct and indirect jobs. The refinery will become operational in the first quarter of 2019.
Dangote said the $12 billion refinery would have a capacity of 650,000 barrels a day.
Dangote said the project when fully in operation in 2019, would help the country save $5 billion spent on the importation of oil into the country.
Source: Africafeeds.com
