A top official has confirmed that Dangote Refinery intends to dual list on the London and Lagos stock exchanges.
This came after Aliko Dangote, the richest man in Africa, stated that he may attempt to list the company in Nigeria before the end of the year.
Confirming this, Devakumar Edwin, a Dangote Refinery executive, told Reuters,
When it reaches full capacity this year or next, the $20 billion refinery, the largest in Africa, will be the largest refinery in Africa and Europe, with a capacity of up to 650,000 barrels per day (bpd).
Dangote has been attempting to obtain an oil supply for his refinery. After putting out a contract for 2 million barrels of West Texas Intermediate (WTI) Midland crude every month for a year beginning in July, the business signed its first supply agreement with TotalEnergies in May, as per the tender documents.
His holdings include Dangote Sugar, Dangote Flour Mills, and Dangote Cement (DANGCEM.LG), all of which are traded on the Nigerian stock exchange.
TimesNow.com.ng reported that Dangote Petroleum Refinery had raised the diesel price from N940 per litre to N1,100 due to the slide in the naira’s value against the US dollar.
On April 17, 2024, the refinery reduced the product’s price from N1,200 per litre to N1,000, following marketers’ calls for a price slash.
On April 24, 2024, the refinery crashed the diesel and aviation fuel prices to N940 per litre and N980, respectively.
Source: TimesNow.com.ng
