Speaking in an interview with S&P Global on October 20, Dangote said the decision mirrors the listing approach adopted for Dangote Cement and Dangote Sugar Refinery, adding that the shares would be sold gradually depending on market conditions and investor interest.
“Our business model is changing. Instead of being 100% Dangote-owned, we’ll now have partners,” he said.
Dangote revealed that discussions are ongoing with Middle Eastern investors to form strategic partnerships that will support refinery expansion and the development of a new petrochemical project in China.
He also noted that while the Nigerian National Petroleum Company (NNPC) Limited had reduced its stake in the refinery to 7.2%, it could increase its holdings once the next phase of expansion begins.
“We want to first demonstrate what this refinery can do before discussing future equity,” Dangote explained.
Refinery Expansion Plans
The refinery also disclosed plans to increase its processing capacity to 1.4 million barrels per day (bpd) — surpassing the world’s largest refinery in Jamnagar, India, which currently operates at 1.36 million bpd.
Earlier in July, Dangote announced a short-term goal to raise capacity from 650,000 bpd to 700,000 bpd by year-end.
In addition, the company plans to expand its polypropylene production from 1 million to 1.5 million metric tonnes per year, alongside new linear alkylbenzene and base oils projects.
Dangote said most technical challenges at the refinery have been resolved, but a scheduled one-month maintenance shutdown will soon take place to optimise operations before the peak fuel demand period.
Refinery Reorganisation and Workforce Update
Speaking on the recent dismissal of about 800 workers, Dangote clarified that the company’s restructuring is nearly complete and has helped stabilise relations with labour unions.
“We no longer have any issues with the unions,” he said.
The industrialist also confirmed that oil production from the group’s upstream assets (OML 71 and 72) in the Niger Delta is set to commence this month, with an initial output target of 40,000 barrels per day.
Dangote added that while the company remains open to new exploration opportunities, its main focus for now is consolidating ongoing operations to strengthen efficiency and performance.
