News
Dangote buys 25% stake in Kenya’s oil pipeline network
Aliko Dangote has said that his company had bought a 25% stake in Kenya Pipeline Company to move petroleum products.
Dangote last month broke ground on a 700,000-barrel-per-day oil refinery project in Kenya’s Lamu port. Africa’s richest man, Dangote already operates a similar-capacity refinery near Lagos, part of a sprawling business empire that also includes fertiliser, cement, sugar and more.
Dangote announced the deal at the Financial Times Africa Summit in London. In a speech on Tuesday, Kenyan President William Ruto said private investors had bought a 25% stake in the country’s pipeline network from public entities but did not disclose who the buyers were.
Earlier this year, the Kenyan government sold a 65% stake in Kenya Pipeline Company via an initial public offering, its first major share sale in two decades as it sought to raise revenue at a time of limited fiscal space. Reuters
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