The president of Dangote Industries Limited (DIL), Alhaji Aliko Dangote has said the refinery plans to list on the US stock exchange after expanding its capacity to 1.4 million barrels per day within the next two and a half years.
Dangote made the revelation during an interview with CNN on Thursday.
“After we have gone to 1.4 million bpd in the next two and a half years, we will now list in the US and I believe a lot of other people too will join, because by that time, we’re going to be the biggest refinery ever in the history of the world, with a massive petrochemical complex,” he said.
“I think it is going to be something that people would definitely rush [to] buying.”
The billionaire said the refinery’s forthcoming initial public offering (IPO) would be the “biggest IPO ever in the history of Africa”, expressing hope that it would be “massively oversubscribed”.
He said demand for the shares had been overwhelming.
While explaining the decision to list on the Nigerian Exchange (NGX), Dangote said the IPO would give Africans an opportunity to own a stake in the refinery.
He said the Dangote refinery’s expansion to 1.4 million bpd would also make the plant a major supplier of jet fuel to the global market.
“We’ll be the biggest in terms of gas oil, which means diesel, to the world market,” Dangote added.
On his plan to build a $15 billion refinery in Kenya, Dangote said his previous position that he would never build another refinery had changed because he now better understood the process.
“I told you that, look, I will never, ever attempt to build a refinery again. But right now, to tell you the truth, I now understand how it is,” he said.
“We have the best team in the world to deliver. We have a team that is very solid. We’re used to delivering this.”
Dangote said the expertise acquired from building the Nigerian refinery had become proprietary knowledge for the group.
“This is something that we’re taking now as our own patent. I don’t believe, and I repeat, I don’t believe there’s any company today on earth that can deliver a 700,000 barrels per day refinery,” he said.
“We now have the techniques, we know how to do it, and we will deliver on schedule and cost.”
On September 7, Dangote said his refinery will become the world’s largest refinery by 2028.
