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East Africa’s Oil Rivalry Spurs Multi-Billion-Dollar Projects Across The Region

Last month, we reported that Nigerian billionaire and Africa’s richest man, Aliko Dangote, has agreed to build a $17 billion (Ksh2.2 trillion), 700,000-barrel-per-day refinery on Kenya’s Lamu Island that would process crude not only for Kenya but also its neighbors such as Uganda, Rwanda, Burundi, South Sudan and the DRC. The giant refinery--Africa’s second largest refinery behind only Nigeria’s Dangote refinery--would easily exceed East Africa’s current refined fuel demand of roughly 450,000 bpd, leaving room to supply markets elsewhere on the continent.