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Dangote to borrow $3.3 bln for $9 bln Nigeria refinery
August 27, 2013 / 3:22 PM / 4 years ago

Dangote to borrow $3.3 bln for $9 bln Nigeria refinery

LAGOS, Aug 27 (Reuters) - Dangote Group said it will borrow $3.3 bln to invest in a $9 billion oil refinery and petrochemical complex in Nigeria, Africa’s most populous nation and top oil producer.

The Nigerian group, which has interests ranging from cement to sugar and basic food processing to oil and gas, also said it was seeking an additional $2.25 billion from development funds for the project, into which it would put $3.5 billion of its own equity.

The loan would be signed with financiers on Sept. 4, it said in statement. Owner of Dangote Group, Africa’s richest man Aliko Dangote, announced plans for the refinery in April. (Reporting by Chijioke Ohuocha; Editing by Tim Cocks)

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